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Does a Mortgage Broker Independent Contractor Entity in Montana Need to Have a Bond?

A

Mortgage Brokers, Servicers, Lenders and Mortgage Broker Independent Contractor Entities in Montana are required 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.

Licensing requirements are:

Complete the 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 business plan, organizational chart, management chart, and a Certificate of Authority or Good Standing Certificate (if applicable).

Applicants that will be using a dba or trade name must register with the Montana Secretary of State and obtain a Certificate of Registration of Assumed Business Name.

A surety bond is required for independent contractors. The bond amount is based on the volume of loans written:

  • New businesses with no prior history = $50,000 Bond
  • Loan volume of $50 million and under per year = $25,000 Bond
  • Loan volume of $50 million to $100 million per year = $50,000 Bond
  • Loan 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.

    If any of the disclosure statements were answered "yes," provide an explanation and supporting back-up for each.

    Provide a copy of formation documents if the business is a partnership, limited liability company or corporation, unincorporated association, not for profit corporation, trust or sole proprietor if using a dba name.

    Licenses and bonds expire December 31 each year.

    How Much Will This Bond Cost?

    The premium that you pay for a Montana Mortgage Broker Independent Contractor Entity Bond is dependent on credit and the bond amount required. Bond amounts over $50,000 require business and personal financial statements.

    Have Questions?

    Contact our Surety Bond Specialists at:

    Phone: 1‑844‑432‑6637
    Emailinfo@suretygroup.com
    Fax:     404-351-3237
    Hours: 8:00-5:00 CST, Monday through Friday



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