MT Montana
Montana separates its licenses by business activity requiring a separate license for each. Each license also has its own set of requirements including a bond. Bond amount required is depended on your total unpaid principal balance in MT but range from $25k – $100K for Brokers and Lender and $75K – $350K for Servicers. The Broker and Lender license require a licensed MT MLO with 3 years of experience to be named the QI. The Servicer does not require a named QI but does require a Net worth of $1 Million or maintain a $1 Million surety bond as well as must maintain liquidity of 0.00035 times the Unpaid Principe Balance (UPB) of the portfolio reflected on an Audited Financial Statement. The Lender license requires CPA prepared Reviewed Financials reflecting a net worth of $250K and the Broker does not require CPA prepared financials or a net worth requirement.
| State | License Name | State Fee | Bond Prem. | RA Fee | SoS Fee | MLG Processing Fee | Total |
|---|---|---|---|---|---|---|---|
| Montana | Mortgage Broker License | $620 | $188 | — | $146 | Call for More Information | $954 |
| Montana | Mortgage Lender License | $870 | $188 | — | $146 | Call for More Information | $1,204 |
| Montana | Mortgage Servicer License | $870 | $563 | — | $146 | Call for More Information | $1,579 |
License: Mortgage Broker License
- Operating Status: Broker
- Bond Amount: $25,000
- Net Worth: N/A
- Brick & Mortar: No
- Financial Type: N/A
License: Mortgage Lender License
- Operating Status: Lender
- Bond Amount: $25,000
- Net Worth: $250,000
- Brick & Mortar: No
- Financial Type: Reviewed
License: Mortgage Servicer License
- Operating Status: Servicer
- Bond Amount: $75,000
- Net Worth: $1 Million + 0.00035 x UPB of portfolio in Liquid
- Brick & Mortar: No
- Financial Type: Audited