The mortgage laws in the state of Wyoming are governed by the Wyoming Statutes, RESPA (Real Estate Settlement Procedure Act), Wyoming Fair Housing Amendment Act, and Wyoming Foreclosure Law. Before availing a mortgage loan in that state, you should be aware of the basic provisions of the law operating there with regard to mortgage.

• Wyoming Statutes:
  As per section 40-23-113 of the Wyoming Statutes, a mortgage lender should clearly disclose the terms and conditions of the loan within 3 working days of granting the loan. Any prepayment penalty attached to the loan should also be disclosed.
  
  In addition it has been clearly laid down in the statutes that the mortgage lender should not ask you to pay any fee except loan cancellation fee before closing. However, the lender may charge fees actually incurred by him on your behalf. The lender may charge rate lock-in fee, loan cancellation fee and commitment fee upon approval of the loan. The fees charged by the lender should be reasonable, customary and should not affect your interests.
  
  
• Wyoming Fair Housing Amendment Act:
  As far as mortgage transaction is concerned, no lender may resort to any unethical action based on race, color, religion, nationality, gender, family status or disability. These actions include refusal to make a mortgage loan and refusing to provide any sort of information regarding the loan. A lender should also not impose discriminatory terms and conditions like different interest rates, terms and fees associated with the loan. The law also prevents lenders from setting out different terms and conditions for appraisal of the property.
  
  
• Wyoming Foreclosure Law:
  This law speaks about two kinds of foreclosures - judicial and non-judicial foreclosures. The basic instruments required in foreclosure are deed of trust and mortgage. The process of foreclosure should last for a period of 90 days. However, the law has provisions for the right of redemption and deficiency judgement.
  
  

The mortgage laws in the state of Wyoming ensure fair lending practices. The laws prevent borrowers from getting harassed at the hands of creditors and also protect them from discrimination due to differences in race, religion, gender etc. Simultaneously the mortgage laws also see that creditors can get back whatever they have provided as loan, along with the required interest.