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 bond amounts are as follows:
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.
The premium that you pay for a Montana Mortgage Lender 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