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:
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.
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.
Hours: 8:00-5:00 CST, Monday through Friday