Wyoming mortgage law: what the state adds to the federal rules
Wyoming has no transfer, mortgage or income tax, a modest $20,000 homestead guaranteed by its Constitution, and a foreclosure-by-advertisement process that still leaves the owner three months to redeem after the sale. This page walks the Wyoming-specific rules in the order a borrower meets them: closing, spousal and homestead rules, costs at recording, prepayment, predatory-lending limits, licensing, disclosures and, at the end, default.
| Closing practice | Title company closing state |
|---|---|
| Community property | No — common-law (separate property) state |
| Mortgage recording tax | Wyoming imposes no mortgage tax, no intangible tax and no real estate transfer tax of any kind; the borrower pays only the county clerk’s per-page recording fee for the mortgage. |
| Transfer tax (deed) | Wyoming has no real estate transfer tax and no mortgage tax; only recording fees apply. |
| Usury ceiling | Wyoming has no usury cap for loans with a written agreement, so hard money pricing is unrestricted by contract; the Uniform Consumer Credit Code governs consumer loans only. |
| Foreclosure | Non-judicial · 2 to 3 months to sale · deficiency: allowed |
Who closes the loan in Wyoming
Wyoming closings are handled by title companies that act as escrow and closing agents; no attorney is required, and the state’s small bar means lawyers are involved mainly in ranch and commercial transactions. Funding is wet, with the mortgage recorded at the county clerk’s office immediately after signing. Closing fees charged by title companies are typically in the few-hundred-dollar range and often split between buyer and seller.
Marital property and homestead rules in Wyoming
Wyoming is a separate-property state, so the spouse who signs the note and mortgage is the one bound, and a spouse not on title has no ownership interest during the marriage. Because Wyoming’s constitution and statutes give the homestead special status, lenders have the non-borrowing spouse sign the mortgage to release that claim when the property is the family home. Spouses typically hold title as tenants by the entirety, which Wyoming recognizes, and only borrower debts are counted.
Wyoming Statutes § 1-20-101 exempts $20,000 of equity per person in a home from execution, which doubles to $40,000 for married co-owners, and the state Constitution (article 19, § 9) guarantees that a homestead exemption exists; a mortgage, tax lien or mechanics’ lien is still enforceable. Wyoming had no broad homestead property tax exemption for years, but the legislature added a 4 percent cap on annual increases in residential assessed value in 2024 and enacted a temporary percentage exemption on residential value in 2025, so verify the current relief; veterans receive a small assessed-value exemption and a refund program helps low-income owners.
The cost of recording a mortgage in Wyoming
Wyoming imposes no mortgage tax, no intangible tax and no real estate transfer tax of any kind; the borrower pays only the county clerk’s per-page recording fee for the mortgage. The absence of transaction taxes, combined with no state income tax, makes Wyoming one of the lowest-cost states in which to record a loan.
Wyoming has no real estate transfer tax and no mortgage tax; only recording fees apply.
Prepayment penalty law in Wyoming
Wyoming has no statute specific to prepayment penalties on first mortgages; its Uniform Consumer Credit Code (Statutes Title 40, chapter 14) gives consumers the right to prepay covered loans without penalty, but first-lien residential mortgages are largely excluded from the Code, leaving the penalty question to the contract and the federal qualified-mortgage limits. Few Wyoming purchase loans include a penalty, but the note controls, so read it.
High-cost and predatory lending limits
Wyoming relies on the federal HOEPA thresholds for high-cost loans and has not passed a separate high-cost statute; the state’s contribution is the Wyoming Residential Mortgage Practices Act (Statutes § 40-23-101 and following), which lists prohibited practices for lenders, brokers and originators such as misrepresentation, unearned fees and influencing appraisals, enforced by the Division of Banking. The Wyoming Consumer Protection Act supplies a general deceptive-practices remedy.
Wyoming has no usury cap for loans with a written agreement, so hard money pricing is unrestricted by contract; the Uniform Consumer Credit Code governs consumer loans only.
Licensing and the state regulator
The Wyoming Division of Banking, part of the Department of Audit, licenses mortgage lenders, brokers and loan originators under the Wyoming Residential Mortgage Practices Act (Statutes § 40-23-101 and following) through the NMLS. Exemptions include banks and credit unions, business-purpose loans and an individual who finances the sale of their own property a limited number of times a year. NMLS Consumer Access is the verification tool the Division points borrowers to.
Wyoming-specific notices, periods and disclosures
Wyoming’s distinctive disclosure comes at the end of the loan rather than the start: foreclosure by advertisement under Statutes § 34-4-101 and following requires the lender to mail a notice of intent to foreclose to the borrower at least ten days before the first of four weekly newspaper publications, and after the sale the owner keeps a three-month right to redeem under § 1-18-103 (twelve months for agricultural land). The Uniform Consumer Credit Code requires a notice of right to cure on the consumer credit it covers. Wyoming adds no rescission period beyond the federal three-day right.
Default and foreclosure: the Wyoming path
The state’s foreclosure path is non-judicial; budget 2 to 3 months to a sale in an ordinary case, longer if contested. The ten-day pre-publication notice, the post-sale redemption period, and the federal servicing rules are Wyoming’s main protections. The full timeline, redemption and mediation rules are on foreclosure in Wyoming; the investor view — usury, licensing exemptions, recovery speed — on hard money in Wyoming.
Frequently asked questions
Do I need a lawyer to close a mortgage in Wyoming?
Wyoming closings are handled by title companies that act as escrow and closing agents; no attorney is required, and the state’s small bar means lawyers are involved mainly in ranch and commercial transactions. Whatever the local custom, the federal Closing Disclosure still has to arrive three business days before signing, and the borrower may bring their own attorney.
Does Wyoming allow prepayment penalties on home loans?
Wyoming has no statute specific to prepayment penalties on first mortgages; its Uniform Consumer Credit Code (Statutes Title 40, chapter 14) gives consumers the right to prepay covered loans without penalty, but first-lien residential mortgages are largely excluded from the Code, leaving the penalty question to the contract and the federal qualified-mortgage limits. Check the Loan Estimate: the “Prepayment penalty” line on page 1 must say yes or no, and the amount and term if yes.
What does Wyoming charge to record a mortgage?
Wyoming imposes no mortgage tax, no intangible tax and no real estate transfer tax of any kind; the borrower pays only the county clerk’s per-page recording fee for the mortgage. Wyoming has no real estate transfer tax and no mortgage tax; only recording fees apply.
Who licenses mortgage lenders in Wyoming?
The Wyoming Division of Banking, part of the Department of Audit, licenses mortgage lenders, brokers and loan originators under the Wyoming Residential Mortgage Practices Act (Statutes § 40-23-101 and following) through the NMLS. Federally chartered banks and credit unions are exempt from state licensing but their employees are registered in NMLS.
Federal layer: TILA / Reg Z · RESPA · TRID disclosures · ECOA · Fair Housing Act · all federal regulations. Buying here: first-time buyer programs in Wyoming.