Montana Mortgage Licensing
Mortgage Banker
Mortgage Lender License
Physical In-State Office Required: No
Qualifying Individual: Yes, the designated manager must be located at the main office of the company, be licensed as a Montana mortgage loan originator, and have three years of experience.
Minimum Net Worth: $ 250,000
Surety Bond: The amount of the required surety bond must be calculated by combining the annual loan production amounts for all persons originating residential mortgage loans and for all business locations of the mortgage broker or mortgage lender and must be in the following amount:
(i) $25,000 for a combined annual loan production that does not exceed $50 million a year;
(ii) $50,000 for annual loan production of more than $50 million but not exceeding $100 million a year;
(iii) $100,000 for annual loan production of more than $100 million a year.
Comment: Allows lending only, Broker License required to broker loans
License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$850 – Company License Fee
$250 – $25k Surety Bond Fee
$29.25 – MT Fingerprinting Fee per Owner/Officer
$70 – Foreign CorpEntity Fee
$125 – Registered Agent Fee
Mortgage Broker
Mortgage Broker License
Physical In-State Office Required: No longer required as of 8/1/2009
Qualifying Individual: Yes, the designated manager must be located at the main office of the company, be licensed as a Montana mortgage loan originator, and have three years of experience.
Minimum Net Worth: $ None
Surety Bond: The amount of the required surety bond must be calculated by combining the annual loan production amounts for all persons originating residential mortgage loans and for all business locations of the mortgage broker or mortgage lender and must be in the following amount:
(i) $25,000 for a combined annual loan production that does not exceed $50 million a year;
(ii) $50,000 for annual loan production of more than $50 million but not exceeding $100 million a year;
(iii) $100,000 for annual loan production of more than $100 million a year.
License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$350 – Company License Fee
$250 – $25k Surety Bond Fee
$29.25 – MT Fingerprinting Fee
$70 – Foreign Entity Fee
$125 – Registered Agent Fee
Mortgage Servicer
Mortgage Servicer License
Physical In-State Office Required: No
Qualifying Individual: No
Minimum Net Worth: A mortgage servicer operating as an approved servicer by a government sponsored enterprise must maintain liquidity, operating reserves, and tangible net worth that meet the standards set by the government sponsored enterprise. If approved by more than one government sponsored enterprise, the mortgage servicer must meet the highest standard of the government sponsored enterprises for which it is approved.
A mortgage servicer with a portfolio of only nongovernment sponsored enterprise loans must maintain a minimum tangible net worth of $1 million or maintain a $1 million surety bond. A mortgage servicer with a portfolio of nongovernment sponsored enterprise loans must maintain liquidity, including operating reserves, of 0.00035 times the unpaid principal balance of the portfolio.
A mortgage servicer with 25 or fewer loans, a mortgage servicer that is wholly owned and controlledby one or more depository institutions regulated by a state or federal banking agency, or a mortgage servicer that is also licensed as an escrow business may apply to the department to waive or adjust one or more of the capital requirements. In considering such a request, the department will consider whether the mortgage servicer has a positive net worth and adequate operating reserves.
Surety Bond: The amount of the required surety bond for a mortgage servicer is $100,000 must be calculated on the mortgage servicer’s total unpaid principal balance of residential mortgage loans as of December 31. The amount of the surety bond must be in the following amount:
(i) $75,000 for an unpaid principal balance that does not exceed $25 million a year;
(ii) $150,000 for an unpaid principal balance of more than $25 million but not exceeding $100 million a year;
(iii) $250,000 for an unpaid principal balance of more than $100 million but not exceeding $500 million a year; or
(iv) $350,000 for an unpaid principal balance of more than $500 million a year
License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$850 – Company License Fee
$1,000 – $100k Surety Bond Fee
$29.25 – MT Fingerprinting Fee per Owner/Officer
$70 – Foreign Entity Fee
$125 – Registered Agent Fee
Regulated by:
Department of Banking and Financial Institutions
301 South Park, Suite 316
PO Box 200546
Helena, MT 59601
Telephone: 406-841-2920
Fax: 406-841-2930