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Do Montana Mortgage Lenders Need to Have a Surety Bond?

A

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.

Licensing requirements are as follows:

Complete the application and pay the NMLS processing, license, 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 submit a FBI criminal background check.

If any of the disclosure statements were answered "yes," provide an explanation for each.

Provide the following: an organizational chart, management chart, business plan 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.

Mortgage lenders must sponsor at least one mortgage loan originator for licensure.

A surety bond is required for licensure. The surety bond amounts are as follows:

  • New business in Montana or 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

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

    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.

    Complete the Escrow Account Authorization.

    Licenses and bonds expire December 31 each year.

    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. 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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