{"id":1096,"date":"2013-05-12T03:12:18","date_gmt":"2013-05-12T03:12:18","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1096"},"modified":"2017-01-03T16:20:35","modified_gmt":"2017-01-03T16:20:35","slug":"montana-mortgage-broker-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/montana-mortgage-broker-bond\/","title":{"rendered":"Montana Mortgage Broker Bond"},"content":{"rendered":"

Per state law an individual that has not provided a Montana mortgage broker bond<\/a><\/strong> and received approval from the Division of Banking and Financial Institutions may not\u00a0solicit, originate, close, or participate in the making of a mortgage loan on or after July 1, 2010. \u00a0The license must now be procured through the Nationwide Mortgage Licensing System (NMLS<\/a>) as Montana has adopted the model National SAFE MLO Test Component. \u00a0The Montana mortgage broker bond<\/strong> is required of any entity that obtains, attempts to obtain, or assists in obtaining a mortgage loan for a borrower from a mortgage lender in return for consideration (\u00a732-9-103<\/a>). \u00a0The law further defines “brokering” as attempting to or assisting in obtaining a mortgage loan by referring a borrower to a mortgage lender or mortgage broker, soliciting or offering to solicit a mortgage loan on behalf of a borrower, or negotiating or offering to negotiate the terms or conditions of a mortgage loan with a mortgage lender on behalf of a borrower. The Montana mortgage broker bond<\/a><\/strong>\u00a0is required for each entity license. \u00a0The amount of the required surety bond must be calculated by combining the annual loan production amounts for all persons originating residential mortgage loans and for all business locations of the mortgage broker. \u00a0When determining the Montana mortgage broker bond<\/strong> penal sum you must use the following formula:<\/p>\n

1.) \u00a0$25,000 mortgagee broker bond for a combined annual loan production that does not exceed $50 million a year;
\n2.) \u00a0$50,000 mortgagee broker bond for\u00a0annual loan production of $50 million but not exceeding $100 million a year; or
\n3.) \u00a0$100,000 mortgage broker bond\u00a0for annual loan production of more than $100 million a year.<\/p>\n

The Montana mortgage broker bond<\/a><\/strong> must run to the State and must run first to the benefit of the borrower, then to the benefit of the State and any person who suffers loss by reason of the broker’s violation of any provision of this part or rules adopted under \u00a732-9. The Department<\/a>\u00a0shall use the proceeds of the surety bond to reimburse borrowers, the Department, or bona fide third parties who successfully demonstrate a financial loss because of an act of a mortgage broker, mortgage lender, or mortgage loan originator that violates any provision of law. The Montana mortgage broker bond<\/strong> may be canceled by the broker or the corporate surety<\/strong>\u00a0upon written notice to the department. The cancellation takes effect thirty days after receipt by the Department of notice of cancellation. The cancellation does not affect any liability incurred prior to said cancellation. \u00a0Montana\u00a0surety leader<\/strong>,\u00a0Surety One, Inc.<\/a>\u00a0specializes in the bonding needs of the mortgage loan and services sector. \u00a0We underwrite \u00a0both the surety and\u00a0fidelity bond<\/a>\u00a0needs of mortgage professionals in ALL fifty states, Puerto Rico and the U.S. Virgin Islands.\u00a0Visit us at\u00a0SuretyOne.com<\/a>, call\u00a0(787) 333-0222<\/span>\u00a0or\u00a0(800) 373-2804<\/span>, or email us at\u00a0Underwriting@SuretyOne.com<\/span>\u00a0for a\u00a0Montana mortgage broker bond<\/strong>\u00a0application<\/a> or information on ANY surety need.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Per state law an individual that has not provided a Montana mortgage broker bond and received approval from the Division of Banking and Financial Institutions may not\u00a0solicit, originate, close, or participate in the making of a mortgage loan on or… Continue Reading →<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[139],"tags":[1349,1351,1350,1352],"yoast_head":"\nMontana Mortgage Broker Bond • Surety One, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/montana-mortgage-broker-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Montana Mortgage Broker Bond • Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"Per state law an individual that has not provided a Montana mortgage broker bond and received approval from the Division of Banking and Financial Institutions may not\u00a0solicit, originate, close, or participate in the making of a mortgage loan on or... 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