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Montana Mortgage Broker, Mortgage Lender and Mortgage Loan Originator Licensing

 

 

Any individual and any entity covered by the Montana Mortgage Broker, Mortgage Lender, and Mortgage Loan Originator Licensing Act who does not hold an approved or approved conditional license from Montana through NMLS may not solicit, originate, close, or participate in the making of a mortgage loan on or after July 1, 2010.  Individuals and entities who had an approved license prior to this date but have not completed the all the requirements for transition will have their license status in NMLS changed to “Terminated - Expired" on July 1, 2010.  As of that date, they will not be able to transact business in Montana as a mortgage broker, lender, or loan originator.> 

  

 

For information regarding the NMLS Mortgage Call Report, please visit the NMLS website at NMLS MORTGAGE CALL REPORT.

 

MORTGAGE LOAN ORIGINATOR - Testing Information

Testing Resource Material

NMLS APPROVED EDUCATION PROVIDERS

RECENT LEGISLATION (2009 Regular Session)

ADMINISTRATIVE RULE NOTICES

MAR Notice Number Topics Addressed in Notice Date
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
2-59-463 Notice of Adoption and Amendment:  Renewal Fees for Mortgage Brokers, Mortgage Lenders, and Mortgage Loan Originators 11/10/2011
2-59-463 Notice of Proposed Adoption and Amendment:  Renewal Fees for Mortgage Brokers, Mortgage Lenders, and Mortgage Loan Originators 09/22/2011
2-59-458 Notice of Public Hearing on Proposed Adoption:  Financial Responsibility of Mortgage Loan Originators and Control Persons and Ultimate Equity Owners of Mortgage entities 10/13/2011
2-59-456 Notice of Adoption:  Montana Mortgage Loan Origination Disclosure Form 09/22/2011
2-59-456 Notice of Proposed Adoption:  Montana Mortgage Loan Origination Disclosure Form 07/14/2011
2-59-450 Notice of Proposed Adoption and Amendment:  Renewal Fees for Mortgage Brokers, Mortgage Lenders, and Mortgage Loan Originators; Table Funding Requires Licensure 03/10/2011
2-59-443 Notice of Adoption and Repeal:  Exemptions Under 32-9-104, MCA; Determining the Amount of the Surety Bond Required for New Applicants; Date by Which the Montana Test Must be Completed in Order to be Licensed as a Mortgage Loan Originator in Montana; Temporary Licenses; Transition Fees 12/23/2010
2-59-443 Notice of Proposed Adoption and Repeal:  Exemptions Under 32-9-104, MCA; Determining the Amount of the Surety Bond Required for New Applicants; Date by Which the Montana Test Must be Completed in Order to be Licensed as a Mortgage Loan Originator in Montana; Temporary Licenses; Transition Fees 11/12/2010
2-59-431 Notice of Amendment, Adoption, and Repeal:  Mortgage Loan Originator Licensing; Continuing Education Provider Requirements 06/24/2010
2-59-431 Notice of Public Hearing on Proposed Amendment, Adoption, and Repeal:  Mortgage Loan Originator Licensing; Continuing Education Provider Requirements 04/29/2010
2-59-421 Notice of Repeal:  Residential Mortgage Lenders 01/28/2010
2-59-421 Notice of Proposed Repeal:  Residential Mortgage Lenders 11/12/2009
2-59-414 Notice of Amendment, Repeal, and Adoption: Licensing and Regulation of Mortgage Brokers, Mortgage Lenders, and Mortgage Loan Originators; License Renewals for Mortgage Lenders as of July 1, 2009; New Applicants for a Mortgage Loan Originator License – Temporary Licenses; New Applicants for a Mortgage Broker or Mortgage Lender License – Temporary Licenses; Net Worth Requirement for Mortgage Brokers; Unacceptable Assets; Proof of Net Worth; Records to be Maintained by Mortgage Lenders; and Financial Responsibility 02/11/2010
2-59-414 Notice of Proposed Amendment, Repeal, and Adoption:  Licensing and Regulation of Mortgage Brokers, Mortgage Lenders, and Mortgage Loan Originators; License Renewals for Mortgage Lenders as of July 1, 2009; New Applicants for a Mortgage Loan Originator License – Temporary Licenses; New Applicants for a Mortgage Broker or Mortgage Lender License – Temporary Licenses; Net Worth Requirement for Mortgage Brokers; Unacceptable Assets; Proof of Net Worth; Records to be Maintained by Mortgage Lenders; and Financial Responsibility 08/13/2009

  

STATUTES, ADMINISTRATIVE RULES & GUIDANCE

FORMS

Pipeline Report

  • 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

EXEMPTIONS

For more information about exemptions from the Montana Mortgage Broker, Mortgage Lender, and Mortgage Loan Originator Licensing 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.

PRESS RELEASES

Montana Banking Division Announces Participation in Nationwide Mortgage Licensing System

HELENA, MONTANA – Annie Goodwin, Commissioner of Banking and Financial Institutions, today announced that, starting January 4, 2010, the Montana Division of Banking and Financial Institutions will begin participation in the Nationwide Mortgage Licensing System that was developed by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR). Read the Full Press Release here.

 

 

 

Questions?

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

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