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How much does a Montana mortgage broker, lender, or servicer bond cost?
Montana residential mortgage loan license bond costs start at $187.50 annually. Your personal bond cost will be provided after a quick application review based on your mortgage license type and bond amount required for your annual loan production.
How do I get a mortgage broker, lender, or servicer bond in Montana?
You can apply for your Montana mortgage servicer, broker, or lender bond online 24/7. Simply select the surety bond requirement for your mortgage license and provide your name, address, and NMLS ID number for Division of Banking and Financial Institutions and NMLS filing approval. Once your order has been processed, SuretyBonds.com will file your Montana mortgage license bond directly with the NMLS.
How fast can I get a residential mortgage loan license surety bond?
Our industry-leading technology and responsive customer service team allow us to file your official Montana mortgage lender, servicer, or broker bond directly with the NMLS faster than any other surety provider. Orders placed by 4 PM CST Monday-Friday are typically processed and filed same-day.
If you have questions about a Montana mortgage bond requirement or your application, call 1(800)308-4358 to speak with a friendly surety expert. We're here to guide you through the mortgage bond process so you can get back to running your business.
What is a Montana mortgage broker, lender, or servicer bond?
Montana Code Annotated 32-9-123 requires individuals file a surety bond before they can provide financial services as a mortgage loan originator, mortgage broker, mortgage lender, or mortgage servicer in the state. This surety bond requires the licensed mortgage professional work according to the Montana Mortgage Act and specifically benefits borrowers, the state, and any person who suffers losses resulting from their legal violations.
Why do mortgage servicers, lenders and brokers need a bond?
You must purchase and file a residential mortgage loan surety bond to be licensed to provide financial services in Montana. By filing this surety bond requirement, you agree to comply with the Montana Mortgage Act as outlined in Montana Code Annotated. If you fail to do so, your bond provides financial protection to borrowers, the state, or other individuals harmed by your noncompliance. You must repay your surety company in full for any claims paid.
How do Montana mortgage brokers, lenders, and servicers file your bond?
SuretyBonds.com will electronically file your bond with the Nationwide Multistate Licensing System (NMLS). As the surety experts, we'll work with you and NMLS to be sure your bond is filed quickly and accurately to meet all Montana state licensing requirements. Your emailed surety bond copy is for reference only and won't need to be filed with the NMLS.
Who regulates Montana mortgage professionals?
The Montana Division of Banking and Financial Institutions enforces mortgage company license regulations, including the surety bond requirement. You can contact the Division by calling 1(406)841-2920 or emailing [email protected].
The Montana Division of Banking and Financial Institutions requires this bond for state mortgage broker, lender, or servicer licensing. If you work as a mortgage professional in other states, we also offer mortgage license bonds nationwide.
How do I determine my mortgage lender, broker, or servicer bond amount?
Your surety bond amount is based on your license type and annual loan production. If you need help determining your surety bond amount, contact the Montana Division of Banking and Financial Institutions before purchasing your Montana surety bond.
How do I update or change my mortgage broker, lender, or servicer bond?
If the Division of Banking and Financial Institutions requires your NMLS bond filing to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested for these bonds are updating your name or address to match your new or existing NMLS ID filing.
How do I renew my mortgage broker, lender, or servicer bond?
You must renew your Montana mortgage loan license bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to keep your bond active for your next mortgage professional license term.
How do I get my Montana mortgage broker, lender, or servicer license?
Complete these steps to apply for your Montana mortgage loan license through the Nationwide Multistate Licensing System.
- Determine whether you need an independent contractor entity license, mortgage broker license, mortgage lender license, or mortgage servicer license.
- Provide all information and documentation required for your NMLS application.
- Purchase and file your Montana surety bond in the bond amount required for your license.
- Pay your required license fee and $100 NMLS fee.
- Provide a credit report for all control persons, which costs $15 per person.
- Undergo a criminal background check, which costs $36.25 per individual.