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Montana Mortgage Lender Surety Bond

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Mortgage Lenders, Brokers, Servicers 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 Lender Surety Bond as a condition of licensure. The ensures compliance of state laws and

Surety Bond Requirements:

A surety bond is required for licensure. Bond amounts are based on the annual volume of loan production and can adjust on an annual basis.

  • A new business in Montana with no prior business history = $25,000 Bond

  • Loan production that did not exceed $50 million in one calendar year = $25,000 Bond

  • Loan production of $50 million to $100 million per year = $50,000 Bond

  • Loan production of more than $100 million per year = $100,000 Bond

  • A surety bond is required for each license year and renews annually.

    • Bonds will be uploaded electronically into the NMLS ESB system by the surety company the bond is purchased through.

    Licensing Requirements:

    1. Complete the mortgage lender application and pay the NMLS processing, license, credit report and FBI criminal background check fees.
    2. Applicants, executive officers, direct owners and indirect owners with at least a 10% interest in the company are required to submit a FBI criminal background check.
    3. If any of the disclosure statements were answered "yes," provide an explanation for each.
    4. Provide the following: an organizational chart, management chart, business plan and a Certificate of Authority or Good Standing Certificate (if applicable).
    5. 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.
    6. Mortgage lenders must sponsor at least one mortgage loan originator for licensure.
    7. 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.
    8. Complete the Escrow Account Authorization.
    9. The license will need to be renewed on an annual basis.

    How Much Will This Bond Cost?

    The premium that you pay for a Montana Mortgage Lender 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. Our Surety Bond Specialists can provide you with a free quote that fits your specific bonding needs.

    Related Links:

    Montana NMLS Mortgage Lender LIcense Information.
    Montana Mortgage 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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