Division of Banking & Financial Institutions

Website Main Menu

Montana Mortgage Broker and Loan Originator Licensing

A mortgage broker and loan originator license is needed to engage in business as defined in the Montana Mortgage Broker and Loan Originator Licensing Act (Section 32-9-101, MCA). The Montana Mortgage Broker and Loan Originator Licensing Act was passed by the Montana State Legislature through Senate Bill 402 during the 2003 Regular Session. The Montana Mortgage Broker and Loan Originator Licensing Act provides for the licensure and regulation of mortgage brokers and loan originators that originate Montana residential mortgage loans.

Mortgage Broker and Loan Originator License Renewal

The deadline for mortgage broker and loan originator license renewals is May 31, 2008. Any renewal applications submitted after May 31, 2008, but before June 30, 2008 will be subject to a $250 late fee per license in addition to the regular renewal fees. Failure to submit the license renewal by June 30, 2008 will automatically result in the revocation of the license. Licensees should be advised that incomplete renewal applications will not be accepted by the Division of Banking and Financial Institutions.

The Division mailed out renewal notifications to all active licensees on April 22, 2008. Licensees must complete their online license renewal at http://BFILicensing.mt.gov For additional information please visit the Division's guide to mortgage broker and loan originator license renewal at http://banking.mt.gov/mortgagebrokerrenewal.asp License renewal questions should be directed to Mortgage Broker Program Specialist Karen Dimmitt at (406) 841-2945 or via email at kdimmitt@mt.gov .

The guide to mortgage broker and loan originator license renewal contains a list of all renewal licensing requirements. Individual mortgage broker, mortgage broker sole proprietor and loan originator licensees must submit proof of having completed 12 hours continuing education from an approved provider as well as a recent credit report from one of the three recognized bureaus (Trans Union, Experian or Equifax). The proof of continuing education must be copies of certificates issued by the approved continuing education provider. The list of approved education providers and their approved courses can be found below under "Education and Examination Providers." Licensees should be advised that licensing fees can be paid online by echeck or credit card or via mail by check or money order.

In accordance with ARM 2.59.1704(8) the Division of Banking and Financial Institutions will not accept applications for original licensure of mortgage brokers or loan originators in the months of May and June because of the volume of license renewals during those months .

Fee Reduced for Background Check (Fingerprint Based)

Please be advised that effective October 1, 2007 the fee for the fingerprint-based background check will be $29.25 for each mortgage broker sole proprietor, mortgage broker individual or loan originator that applies for licensure. This represents a decrease from the current fee of $34.00. This fee must be included with the initial application for licensure and is payable to the State of Montana.

For your information, this fee is set by the FBI, which has indicated that this decrease is attributed to an analysis of the cost for conducting the fingerprint-based search.

If you have any questions, please contact Mortgage Broker Program Specialist Karen Dimmitt at (406) 841-2945.

Education & Examination Providers

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. Additionally, all loan originators and all individual mortgage brokers must complete at least 12 hours of continuing education each year. Examinations and continuing education must be provided by an approved education provider.

Mortgage Broker and Loan Originators FAQ's

Recent Legislation (2007 Regular Session)

Senate Bill 92 (Effective October 1, 2007)

Administrative Rules

Administrative Rule Notices

Notice of Public Hearing on Proposed Amendment and Adoption (Updated 4/22/2008)

Forms & Instructions

Statute/Rules/Guidance

Pipeline Report

This sample report should be used to track any residential mortgage loan files that are in a pending, closed, withdrawn, denied or cancelled status. Sample Pipeline Report

Montana Loan Origination Disclosure

Section 32-9-124(2), MCA states, "Prior to providing mortgage broker services to a borrower, the licensee, in addition to other disclosures required by this part and other state and federal laws, shall provide to the borrower at the time of application a written disclosure containing substantially the following language, which must be signed by the borrower:" Please see the required Montana Specific "Mortgage Loan Origination Disclosure". (Last updated 10/11/07)

Initial Application

License Renewal

Other Licensing Forms