Montana Mortgage Servicer Surety Bond
Mortgage Servicers, Lenders, Brokers 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 Servicer Surety Bond as a condition of licensure.
Surety Bond and License Requirements:
- Complete the mortgage servicer application and pay the credit report, license, NMLS processing, and FBI criminal background check fees.
- Applicants, a director, general partner, 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 management chart, organizational chart, business plan, management chart, a schedule of fees and costs for services charged, 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 brokers must sponsor at least one mortgage loan originator for licensure.
- Obtain a $100,000 surety bond. The surety bond will be uploaded electronically into the NMLS ESB system by the surety company the bond is purchased through.
- If any of the disclosure statements were answered "yes," provide an explanation for each.
- Establish a trust account if any funds for borrowers will be held.
- 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 must be renewed annually.
How Much Will This Bond Cost?
The premium you pay for a Montana Servicer Surety Bond is dependent of credit, and business and personal financial statements. Premiums start at .75% of the bond amount with good credit. Contact our Surety Bond Specialists for a free quote that fits your specific needs.
Related Links:Montant NMLS Mortgage Servicer 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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