Montana Mortgage Broker, Mortgage Lender, and Mortgage Loan Originator Licensing
For information regarding the NMLS Mortgage Call Report, please visit the NMLS website at NMLS MORTGAGE CALL REPORT.
New Legislation for 2013
MONTANA TO ADOPT UNIFORM STATE TEST
- The Montana Division of Banking and Financial Institutions is adopting the National SAFE MLO Test Component with uniform state content effective July 1, 2013. Montana is the 30th state agency that will no longer require a second state-specific test component to be taken by mortgage loan originators (MLOs) seeking licensure with their state agencies. See Uniform State Test Implementation Information
ADMINISTRATIVE RULE NOTICES
|MAR Notice Number||Topics Addressed in Notice||Date|
|2-59-500||Notice of Adoption, Amendment, and Repeal||12/26/13|
Notice of Public Hearing on Proposed Adoption, Amendment, and Repeal
|2-59-471||Notice of Amendment and Adoption||01/17/2013|
Notice of Proposed Amendment and Adoption: Written Exemption Form for Requesting a Mortgage Licensing Exemption
|2-59-458||Corrected Notice of Adoption: Financial Responsibility of Mortgage Loan Originators and Control Persons and Ultimate Equity Owners of Mortgage Entities||06/21/2012|
|2-59-458||Notice of Adoption: Financial Responsibility of Mortgage Loan Originators and Control Persons and Ultimate Equity Owners of Mortgage Entities||01/26/2012|
STATUTES, ADMINISTRATIVE RULES & GUIDANCE
This sample report should be used to track any residential mortgage loan files that are in a pending, closed, withdrawn, denied or cancelled status. Sample Pipeline Report
Montana Loan Origination Disclosure
- Section 32-9-124(2), MCA states, "Prior to providing mortgage broker services to a borrower, the licensee, in addition to other disclosures required by this part and other state and federal laws, shall provide to the borrower at the time of application a written disclosure containing substantially the following language, which must be signed by the borrower:" Below is the required Montana specific form in two formats for your convenience.
Surety Bond Forms
For more information about exemptions from the Montana Mortgage Act please refer to Section 32-9-104, MCA. The forms and list below only apply to entities and some individuals. In most instances it will apply to entities that are an agency of the federal, state, or municipal government or 501(c)(3) corporations which are not otherwise engaged in or holding itself out to the public as being engaged in the mortgage loan business, that makes mortgage loans to promote home ownership or improvements for bona fide low-income individuals.
An exempt entity may chose to register with the NMLS in order to manage its employees and provide a surety bond for them. Interested entities may refer to the NMLS Montana Exemption Checklist below.
Please contact the Banking Division at (406) 841-2920 if you need to verify an exemption status.
Division of Banking and Financial Institutions
301 South Park, Suite 316, PO Box 200546, Helena, MT 59620
Phone: (406) 841-2920 Fax: (406) 841-2930