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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.

 

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

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
2-59-471 Notice of Amendment and Adoption 01/17/2013
2-59-471

Notice of Proposed Amendment and Adoption: Written Exemption Form for Requesting a Mortgage Licensing Exemption

 09/20/2012
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

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  • This sample report should be used to track any residential mortgage loan files that are in a pending, closed, withdrawn, denied or cancelled status.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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Division of Banking & Financial Institutions

PO Box 200546

Helena, MT 59620


Phone (406)841-2920

Fax (406)841-2930

TTY (406)841-2974


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