Mortgage loan originators.

09LSO-0299.C2

 

 

                                                         

FISCAL NOTE

 

 

 

FY 2010

FY 2011

FY 2012

NON-ADMINISTRATIVE IMPACT

 

 

 

Anticipated Revenue Increase:

 

 

 

Special Revenue

$145,800

$145,800

$145,800

 

Source of Revenue Increase:

Revenue will be generated through the receipt of loan originator licensing and annual renewal fees.

 

Assumptions:

Other states that currently license individual mortgage loan originators advised the Wyoming Division of Banking that an average number of three originators per licensed location is a good assumption.  Based upon approximately 600 company licenses, that would equate to 1,800 estimated licensed loan originators.  The Wyoming Division of Banking will establish both the initial license fee and annual renewal fee at $150.00.  After the national licensing system deducts expenses for their processing fee and federal criminal background checks, approximately $81 per licensed originator will be received by the division and the revenue will be used to complete the licensing process ($81*1,800=$145,800).

 

NOTICE-AGENCY ESTIMATE OF ADMINISTRATIVE IMPACT REQUESTED

 

This bill has administrative impact that appears to increase (or decrease) duties or responsibilities of one or more state agencies and may impact agency spending or staffing requirements. As introduced, the bill does not modify any state agency budget or current personnel authorizations.

The following state agencies will be asked to provide their estimate of the administrative fiscal impact prior to the first committee meeting held to consider the bill:

 

Department of Audit

 

 

 

 

 

Prepared by:   Joe Mulberry, Dept. of Audit Phone: (307)777-6484