So you want to work as a mortgage loan officer in Wyoming?
Great choice!
You can build a successful career and help people achieve their dreams of homeownership.
But first, you need to get your mortgage loan originator license.
And that’s what we’re here for.
Today, we’re going to show you how to become a mortgage loan officer (MLO) in Wyoming. We’ll list all the steps to licensure, as well as answer some FAQs.
This way, you know exactly what you need to do.
So shall we begin?
Let’s go!
How to Become a Mortgage Loan Officer in Wyoming – A Step-By-Step Guide
To get your MLO license in Wyoming, you need to complete these 5 steps:
- Request an NMLS account
- Complete pre-licensure education
- Pass the MLO licensing test
- Apply for your MLO license
- Get a sponsorship
Let’s walk you through these steps…
Step #1: Request an NMLS Account
The NMLS, or Nationwide Mortgage Licensing System, is an online platform that handles all MLO applications and licenses in the country.
Click here to request an NMLS account.
Now, requesting an account is SUPER easy…
It’s just like creating an account on any other platform.
So go ahead and follow the on-screen prompts.
And when you’re done, you’ll receive a unique identification number that you’ll use throughout your application and career.
To access your number, just head over to the ‘Composite View’ and ‘View Individual’ tab in your NMLS dashboard.
Step #2: Complete Pre-Licensure Education
It’s time to learn all about mortgage loans!
In Wyoming, the required pre-licensure education requirement is only 20 hours.
Now, the 20-hour PE course should include:
- 2 hours of Non-Traditional Mortgage Lending
- 3 hours of Federal Law
- 3 hours of Ethics
- 12 hours of general electives
If you’re unsure where to take the course, then we highly recommend these NMLS-approved online providers:
For a full list of approved providers, you can check it out here.
Step #3: Pass the MLO Licensing Test
In Wyoming, you must take and pass the National Test Component with Uniform State Content.
This is administered by Prometric.
But first, you need to register for the test in your NMLS account.
- Head over to the ‘Test & Education’ tab.
- Select ‘New Test Enrollment Window’.
- Add the Wyoming ‘National Test Component with Uniform State Content’ to your cart.
- Accept the Candidate Agreements.
- Go to ‘Invoice’ and pay the exam fee of $110.
From there, go to Prometric’s online scheduling page to make an appointment. You can choose to take it online or at a testing center.
It’s a good idea to read through Prometric’s terms and conditions for online or in-person testing.
What can you expect from the test?
It consists of 120 multiple-choice questions.
However, only 115 will be scored as 5 items are for pilot surveys.
You’ll be given 190 minutes (around 3 hours) to answer everything.
You need a score of at least 75% to pass.
Step #4: Apply for Your MLO License
To apply for an MLO license, you need to complete, attest, and submit the Individual Form MU4 found in your NMLS account.
Here is what to expect when going through your application form:
- To start the form, you’ll need to select ‘Filing’ > ‘Individual’ > Request/New Update.
- Then, you need to give your information, including:
- State – Wyoming
- License type – Mortgage Loan Originator
- Identity – name, birthdate, address, etc…
- Other names – any name you are known by or used since turning 18
- Residential history – where you lived for the past 10 years without any gaps
- Employment history – where you worked for the past 10 years without any gaps. OR, where you went to school. OR, if unemployed, select ‘Unemployed’ in the ‘Position Held’ box.
- Other business – any business you are currently working with, in, or for.
- After, you need to answer disclosure questions. Any ‘yes’ answer needs to be explained and (if applicable) supported by documents uploaded in the Disclosure Question section.
- You’ll then have to request a Criminal Background Check. For that, you need to select ‘Use Existing Prints’ or ‘Submit New Prints’ and fill up the demographic information.
- You’ll also have to request a Credit Report. Turn on the Completeness Check icon, click the Identity Verification Process (IDV) link, complete the process, and go back to your filing.
- Attest and submit your Individual Form MU4.
- Pay the Wyoming fees with a bank account or credit card. Check the fees below.
| NMLS Initial Processing Fee: | Wyoming License/Registration Fee: | Criminal Background Check Fee: | Credit Report Fee: |
| $30 | $120 | $36.25 | $15 |
Okay, okay.
There’s one more thing.
If you chose to ‘Submit New Prints’ for your Criminal Background Check, then you need to get fingerprinted.
To do that, simply go to the NMLS Fieldprint website, create an account, schedule an appointment, and have your fingerprints scanned.
From there, it will be uploaded to the NMLS for review.
Step #6: Get a Sponsorship
Get this.
You can’t practice as a mortgage loan officer if you don’t get an employer sponsorship.
Sure, your MLO license might be approved, but it will have an ‘inactive’ status.
To change the status to ‘active’, you need to let your employer request sponsorship through NMLS.
When the request is sent out, the Wyoming Division of Banking will review it and either accept or decline it.
If accepted, you can start working.
If declined, you can call the Division at (307) 777-7797 for more details. You can also send them an email at wyomingbankingdivision@wyo.gov.
What if you don’t have an employer yet?
Well, you can go out and look for one.
If so, remember these helpful tips:
- A Bachelor’s degree in a related field will boost your resume.
- Companies hiring mortgage loan officers always prefer those that have some real estate or financing experience.
And when you do get hired, have your employer request sponsorship right away.
Moreover, you’ll also have to update your employment history in the Individual Form MU4.
Frequently Asked Questions About Mortgage Loan Officers in Wyoming
When Does My MLO License Arrive in Wyoming?
The Wyoming Division of Banking does not issue paper MLO licenses. You’ll see your license information and status through your NMLS account.
What Disqualifies You From an MLO License in Wyoming?
The Wyoming Division of Banking states that you cannot get a WY-issued MLO license IF:
- You have any outstanding judgments, except a judgment solely as a result of medical expenses.
- You have any outstanding Tax Liens or other Government Liens
- You have had a foreclosure within the past 3 years
- You live more than 100 miles from a licensed location
How Much Do MLOs Earn in Wyoming?
An MLO in Wyoming can earn a salary range of $57,439 to $75,041. That averages to around $65,484 a year (as of August 2023).
What Happens if I Fail the MLO Licensing Test?
For one test enrollment window, you are given 3 attempts.
If you fail all 3, then you’ll have to create a new window and repay the exam fee.
Conclusion
Now you know how to become a mortgage loan officer (MLO) in Wyoming.
As you can see, the steps aren’t super complicated.
You just need to take them one by one…
And you’ll soon be able to practice as an MLO.
So what are you waiting for?