Wyoming Origination Reference Guide
- Kacey Olson
Owned by Kacey Olson
Aug 30, 2017
3 min read
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| Citation | Topic | Requirement |
| Wyo. State Bar Rule 11(a)(3) | Document Preparation and Loan Closings | Practice of law is defined as, “providing any legal service for any other person, firm or corporation, with or without compensation, or providing professional legal advice or services where there is a client relationship of trust or reliance, including appearing as an advocate in a representative capacity; drafting pleadings or other documents; or performing any act in such capacity in connection with a prospective or pending proceeding before any court, court commissioner, or referee.” |
| Residential Mortgage Practices Act / Wyo. Stat Ann. §40-23-114 | Fees Collected by the Mortgage Broker | A licensed mortgage broker may not require a borrower to pay any fees or charges prior to the mortgage loan closing, except charges actually incurred by the broker on behalf of the borrower for services from third parties necessary to process the mortgage loan application, such as credit reports and appraisals. |
| Residential Mortgage Practices Act / Wyo. Stat Ann. §40-23-113 | Fees Prior to Closing | Prior to the loan closing the only fees may be collected: third-party charges, rate-lock fee, commitment fee upon loan approval. |
Residential Mortgage Practices Act / Wyo. Stat Ann. §40-23-113(a) Residential Mortgage Practices Act / Wyo. Stat Ann. §40-23-115(b) | Important Prepay Penalty Disclosure | This "separate" disclosure requirement is in addition to the issuance of the Loan Estimate or Closing Disclosure (or GFE & TIL, as applicable). Times vary regarding required borrower(s) signatures depending on whether issued by the lender or mortgage broker. |
| Residential Mortgage Practices Act / Wyo. Stat Ann. §40-23-115 | Loan Commitment | A mortgage broker may issue a loan commitment and may furnish a lock-in of the interest rate and program on behalf of the mortgage lender when the mortgage broker has obtained a written or electronically transmitted loan commitment or lock-in for the mortgage loan from the mortgage lender on behalf of the borrower. The loan commitment issued by the mortgage broker to the borrower on behalf of the mortgage lender must be in the same form and substance as issued by the mortgage lender and must identify the mortgage lender by name. |
| Residential Mortgage Practices Act / Wyo. Stat Ann. §40-23-114 | Mortgage Brokerage Agreement | Within 3 business days of a borrower signing a completed mortgage loan application and before the borrower provides any consideration to the licensee, the mortgage broker must execute and deliver to the borrower a mortgage brokerage agreement. For specific requirements of this agreement see Wy. Stat. Ann. 40-23-114. |
Residential Mortgage Practices Act / Wyo. Stat Ann. §40-23-133 | NMLS Unique Identifier | The NMLSR unique identifier of any person originating a residential mortgage loan must be clearly shown on all residential mortgage loan applications forms, solicitations or advertisements, including business cards or websites and any other documents as established by the Commissioner. This requirements is also covered under the UCCC. |
| Residential Mortgage Practices Act / Wyo. Stat Ann. §40-23-117 | No Forms Signed in Blank | No agreement or instrument had blanks left to be filled-in after execution. |
| Uniform Consumer Credit Code / Wyo. Stat Ann. §40-14-311(b)(ii) | Optional Insurance Disclosure | An additional charge may be made for insurance written in connection with a loan with respect to consumer credit insurance providing life, accident, or health coverage, if: (1) the insurance coverage is not a factor in the approval by the lender of the extension of credit and this fact is clearly disclosed in writing to the borrower; and (2) if in order to obtain the insurance in connection with the extension of credit, the borrower gives specific affirmative written indication of the borrower's desire to purchase the insurance after receiving a written disclosure of the cost thereof. |
Right to Choose Insurance Provider | If a lender requires insurance, the borrower has have the option of providing the required insurance through an existing policy of insurance owned or controlled by the borrower, or through a policy to be obtained and paid for by the borrower, but the lender may for reasonable cause decline the insurance provided by the borrower. The lender must promptly notify the borrower of these rights. An additional charge may be made for insurance written in connection with a loan with respect to insurance against loss of or damage to property, or against liability, if the lender furnishes a clear and specific statement in writing to the borrower that discloses: (1) the cost of the insurance if obtained from or through the lender; and (2) that the borrower may choose the person through whom the insurance is to be obtained. |