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Montana Mortgage Broker License: Step-by-Step Guide

In Montana, anyone engaged in the mortgage loan business needs to be licensed by the state. The Montana Division of Banking and Financial Institutions supervises and regulates the mortgage licenses.

Nationwide Mortgage Licensing System (NMLS) handles the license application process and allows companies and individuals to apply or renew a license online.

Types of Mortgage Licenses in Montana

Montana has three major state license types: Company, Branch, and Individual. Each license type depends on the work you are going to perform. The mortgage licenses are generally divided into Mortgage Brokers, Mortgage Lenders, and Mortgage Servicers.

In this guide, we’ll cover the most common licenses only. You can review the full list on the NMLS website.

Most Common Company Licenses

  • Mortgage Broker License - allows companies and sole proprietorships to obtain, or assist in obtaining, mortgage loans for borrowers.
  • Mortgage Lender License - allows companies and sole proprietorships to advance funds for mortgage loans and/or close residential mortgage loans.
  • Mortgage Servicer License - allows entities to service mortgage loans for residential properties and receive payments from borrowers pursuant to the terms of these loans.

Montana State Requirements

All license applications are to be submitted online via the NMLS. Note that some agency-specific requirements must be sent directly to the Division. The documentation must be received no longer than five business days after the submission of your NMLS application. You may mail your documents to one of the following addresses:

  • For U.S. Postal Service: Division of Banking and Financial Institutions, Mortgage Licensing, P.O. Box 200546, Helena, MT 59620-0546.
  • For overnight delivery: Division of Banking and Financial Institutions, Mortgage Licensing, 301 S. Park Ave, Suite 316, Helena, MT 59601.

For questions regarding the license requirements, please contact the Division at (406) 841-2920 or [email protected].

For questions in regards to NMLS, please contact NMLS call center at (855) 665-7123.

Education and Exams

In Montana, passing an exam is obligatory for some, but not all licenses. To obtain a company license, you are not required to complete a course or pass an examination.

MT Mortgage Broker Bonds

Bonds for Company Licenses

  • Mortgage Broker License - All Mortgage Broker applicants are required to submit a surety bond. The amount depends on the applicant’s annual loan production.
    • $25,000 surety bond if the applicant has no previous business history in MT (or the history is of less than one year), or if the annual loan production is less than $50,000,000.
    • $50,000 surety bond in the loan production is between $50,000,000 and $100,000,000.
    • $100,000 surety bond if the annual loan production exceeds $100,000,000.
  • Mortgage Lender License - Applicants are required to upload a surety bond in an amount based on their annual loan production.
    • $25,000 surety bond if the applicant has no previous business history in MT (or the history is of less than one year), or if the annual loan production is less than $50,000,000.
    • $50,000 surety bond in the loan production is $50,000,000 - $100,000,000.
    • $100,000 surety bond if the annual loan production exceeds $100,000,000.
  • Mortgage Servicer License - Each Mortgage Servicer license applicant must submit a surety bond in the amount of $100,000.

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Licensing Fees

Fees for Company Licenses

The fees must be submitted online through NMLS. All fees are non-refundable.

  • Mortgage Broker License
    • $600 licensing fee.
    • $15 credit report fee (if required).
    • $36.26 criminal background check.
  • Mortgage Lender License
    • $850 licensing fee.
    • $15 credit report fee (if required).
    • $36.26 criminal background check.
  • Mortgage Servicer License
    • $850 licensing fee.
    • $15 credit report fee (if required).
    • $36.26 criminal background check.

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