You may remember the Mortgage Broker Licensing Act that took place back in 2005. Now the state of Montana will be regulating Mortgage Lenders too. Up until now, you were only required to be licensed if you were brokering loans. There was a brick’n’mortar requirement that restricted most companies outside the state from brokering since they didn’t have a physical office in the state.
Well now the state will be regulating mortgage lenders by way of licensing. Effective October 1, 2008, lenders engaged in the business of making first or subordinate-lien loans must obtain a Residential Mortgage Lender License. The Montana Division of Banking and Financial Institutions will regulate residential mortgage lending under the Act. Employees or independent contractors of a licensee will not be required to obtain a separate license.
If you need assistance with obtaining your Montana Residential Mortgage Lender License, then contact us today.