Mortgage Loan Servicers
Businesses engaged in servicing Montana residential mortgage loans must be licensed by October 1, 2011. A mortgage loan servicer is defined in an entity that engages, for compensation or gain from another or on its own behalf, in the business of receiving any scheduled periodic payment from a borrower pursuant to the terms of a residential mortgage loan, residential mortgage servicing documents, or a residential mortgage servicing contract; or meets the definition of "servicer" in 12 U.S.C. 2605(i)(2) with respect to residential mortgage loans. Section 32-9-104(25), MCA.
The Montana Mortgage Act was revised by House Bill 90 (HB 90) during the 2011 regular legislative session. Governor Brian Schweitzer signed this bill into law on May 5, 2011. HB 90 is effective on October 1, 2011.
All mortgage loan servicer licensing applications must be submitted via the NMLS. For more information about Montana's mortgage licensing requirements please visit the Montana State Licensing Requirements on the NMLS Resource Center.
Statute
- Montana Mortgage Act as Amended in HB 90 effective October 1, 2011
Forms
- Mortgage Loan Servicer New Application Checklist
- Surety Bond
- Authorization for Background Check and Release
- Statement of Mortgage Servicing Activity - For Initial Licensure
- Quarterly Statement for Mortgage Servicing Activity - Due Quarterly on February 14th, May 15th, August 14th & November 14th
