Regulating Financial Services, Protecting Montanans

Guide to Maintaining the Montana Mortgage Lender License

The Montana Division of Banking and Financial Institutions (Division) is the state agency charged with regulating mortgage lenders (mortgage lenders or company). Please contact us at if you have any questions. We also have mortgage FAQs on our website.

The following is important information regarding your license:


Authorized Business Activities

This license authorizes the following activities…  

o  First mortgage lending o  Mortgage loan modifications
o  High cost home loans – lender o  Reverse mortgage lending
o  Home equity lending/lines of credit – lender o  Second mortgage lending  
o  Manufactured housing financing – lender


Mortgage brokering and servicing activities are not authorized by this license. The Division issues separate licenses to companies that engage in more than one business type.


License Amendments

Amendments to the company’s NMLS record, such as change of address, legal name, or addition of direct officers, should be made in a timely manner in the NMLS. The Division does not require Advance Change Notices (ACNs). For more information about amendment requirements, please view the amendment checklist. The NMLS has an instruction guide on how to made changes to a record.


Reporting Requirements

Mortgage Call Report

Mortgage lender licensees must submit a quarterly Mortgage Call Report (MCR) through NMLS. The report must be filed within 45 days of quarter end. Failure to timely submit MCRs may result in regulatory action or fines.  Read more about the MCR requirements on the NMLS website.

MCR – Financial Condition

The Standard Mortgage Call Report requires a Financial Condition (FC) component be submitted through NMLS on an annual basis, 90 days from the fiscal year end as reported on the Company (MU1) Form. Failure to timely submit MCRs may result in regulatory action or fines.  Read more about the MCR requirements on the NMLS website.

Financial Statements

Within 90 days of your fiscal year end, the company must submit unaudited (reviewed) financial statements accompanied by a written statement by an independent certified public accountant attesting that the accountant has reviewed the financial statements in accordance with generally accepted accounting principles. Financial statements should include a Balance Sheet, Income Statement, and Statement of Cash Flows and all relevant notes thereto. Upload to the Financial Statement submenu section of the NMLS filing. PLEASE NOTE: Montana has a minimum net worth requirement of $250,000 for mortgage lenders.


License Renewal

The Montana Mortgage Lender License expires annually on December 31st, unless renewed. Licensees may renew their licenses through the NMLS between November 1st and December 31st. Licensees who do not complete renewal must cease business on January 1st. Expired licensees may request license reinstatement from January 1st through the end of February for an additional fee.


Record Keeping

Mortgage lenders must maintain their books, records, accounts, and copies of loan files for a minimum of five years pursuant to Mont. Code Annotated 32-9-121, MCA. The retention timeline on loan files is 5 years from the date of last activity on the file. ARM 2.59.1724 (Records to be maintained by mortgage lenders) clarifies what documents must be maintained in loan files and pipeline report. Additionally, mortgage lenders must also comply with ARM 2.59.1746 (Record maintenance, storage, transfer, and destruction).



In addition to all applicable federal regulation, mortgage lenders must be aware of the advertising requirements set forth in Montana law. Mont. Code Annotated 32-9-149 (4), MCA, provides that licensees must disclose their name and NMLS unique identifier in any printed, published, e-mail, or internet advertisements. Additionally, mortgage lenders must familiarize themselves with ARM 2.59.1758 (False, Deceptive, or Misleading Advertising) and ARM 2.59.1759 (Internet or Electronic Advertising).



An examination is a supervisory activity conducted by a regulatory agency that reviews an institution's compliance with laws, regulations, and safety and soundness standards. Mortgage licensees who are conducting business in Montana can expect to be examined by the Division within the first two years of licensure or beginning business. The Division utilizes the State Examination System (SES) to conduct examinations. Examiners will ask for a sample of loan files, copies of advertising, financial statements, policies, and procedures.

Mortgage lenders must maintain a pipeline report of all applications received. They must retain their loan files for five years from the date of the last activity pertaining to the file (32-9-121 (2), MCA). 

Examples of policies that should be maintained by mortgage lenders include but are not limited to the following:

  • Advertising
  • BSA/Anti-Money Laundering
  • Disaster Recovery Plan
  • Loan Originator Compensation
  • Record Retention
  • Red Flags/Identity Theft Prevention Program

For more information about the examination process, please see the Montana Mortgage Examination Guide.  



The Division acts as a mediator between consumers and our regulated entities. The Division uses the Complaint Portal of the SES to process complaints and communicate with the involved entity. If the Division receives a complaint filed against your company, you will need to onboard SES to utilize that platform to submit your response to the complaint.


License Surrender

To surrender a license, please complete the steps in NMLS and submit the surrender checklist.