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Below you will find information on the following
topics for Montana: Mortgage Broker Licensing, Mortgage
Broker Training, Mortgage Broker License Requirements, Montana
Mortgage Laws and Regulations, Mortgage Broker Schools, etc.
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Montana Mortgage License and Education Information |
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The Montana Division of Banking and Financial Institutions regulate Mortgage Broker Licensing in Montana. According to the Montana Mortgage Broker and Loan Originator Licensing Act, a person or entity may not act as a residential mortgage broker or loan originator, unless licensed under the Act.
The following information is required to obtain a Montana State Mortgage Broker License:
- To be considered for licensure, an applicant must submit a complete application, all required documentation, and the appropriate fees.
- Applicants must submit the fingerprint card and a separate check for the fingerprint processing fee along with their application.
- An individual applying for a license as a mortgage broker must have a minimum of 3 years of experience working as a loan originator or in a related field. Documents that verify the applicant's experience are required to be submitted.
All individuals seeking a mortgage broker or loan originator license must successfully pass an examination designed to demonstrate that the applicant possesses competency to originate loans. The department may use a third party to perform examination and grading services. Proof of a passing examination grade on the mortgage broker or loan originator basic knowledge test must be submitted.
- A surety bond of $25,000 is required to obtain a mortgage broker license.
- The license of a mortgage broker or loan originator is valid for a 1-year period and expires on June 30. Each existing licensee must renew their licenses before May 31.
- All loan originators and all individual mortgage brokers are required to complete and submit to the department evidence of at least 12 hours of continuing education every year at the time they submit their license renewal applications. The 12 hours of continuing education must be in courses or programs of study approved by the department and in areas established by the department by rule.
- A mortgage broker must have at least one physical office in the state of Montana.
Examinations and continuing education must be provided by an approved education provider. Approved Education Providers are:
For more information, visit DOA - Division of Banking & Financial Institutions, Montana.
Applications and other forms can be downloaded at DOA--Department of Administration Forms.
The Residential Mortgage Broker and Loan Originator Act can be found on the State of Montana website. The address is http://data.opi.state.mt.us/bills/mca_toc/index.htm. Look under Title 32, Chapter 9.
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Major Cities Include: Billings, Missoula, Great Falls, Bozeman, Helena, Kalispell, Havre, Miles City, Livingston, Laurel, Belgrade, Whitefish, Sidney, Glendive, Polson, Dillon, Hamilton, Columbia Falls, Deer Lodge, Lolo, Hardin, Glasgow, Shelby, Cut Bank, Conrad, Wolf Point
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