Montana Mortgage Broker Independent Contractor Entity Bond
Mortgage Brokers, Servicers, Lenders and Mortgage Broker Independent Contractor Entities in Montana are required by the Montana Department of Administration (DOA), Division of Banking and Financial Institutions to apply for a license through the National Mortgage Licensing System (NMLS) and file a Montana Mortgage Broker Independent Contractor Entity Surety Bond as a condition of licensure.
Surety Bond Requirements:
A surety bond is required for independent contractors. The surety bond amount is based on the volume of loans written annually:New businesses with no prior history = $50,000 BondLoan volume of $50 million and under per year = $25,000 BondLoan volume of $50 million to $100 million per year = $50,000 BondLoan volume of more than $100 million per year = $100,000 Bond
Bonds will be uploaded electronically into the NMLS ESB system by the surety company.
- Complete the mortgage broker independent contractor entity application and pay the license, NMLS processing, credit report and FBI criminal background check fees.
- Applicants, executive officers, direct owners and indirect owners with at least a 10% interest in the company are required to have a FBI criminal background check.
- Provide the following: a Certificate of Authority or Good Standing Certificate (if applicable), a business plan, organizational chart, management chart.
- Applicants that will be using a doing business as name (dba) or trade name must register with the Montana Secretary of State and obtain a "Certificate of Registration of Assumed Business Name."
- If any of the disclosure statements were answered "yes," provide an explanation and supporting back up document for each answer if applicable.
- Provide a copy of the business formation documents if the business is a corporation, limited liability company or partnership, unincorporated association, not for profit corporation, trust or sole proprietor if using a dba name.
- Licenses and surety bonds must be renewed annually.
How Much Will This Bond Cost?
The premium that you pay for a Montana Mortgage Broker Independent Contractor Entity Surety Bond is dependent on credit and the bond amount required. Premiums start at .75% of the bond amount with good credit. Bond amounts over $50,000 require business and personal financial statements. SuretyGroup.com's Surety Bond Specialists can provide you with a free quote based on your specific situation.
Related Links:Montana Mortgage License InformationMontana NMLS Independent Contractor Entity License Information
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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