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Montana Residential Mortgage Lender Licensing

License Renewal: Due September 1, 2009

The Division of Banking and Financial Institutions has mailed out license renewal forms to all mortgage lender entity and branch licensees.  These forms should be received by licensees during the week of August 3rd. The renewal form must be completed and submitted back to the Division by September 1, 2009.  The renewal form must include any required supplemental documents as well as the renewal fee. Payment must be made by a check or money order and made payable to the State of Montana. 

Licensing Requirement

Residential mortgage lenders making loans in Montana are required to be licensed by the Division of Banking and Financial Institutions as of October 1, 2008. This licensing requirement was created by the Montana Residential Mortgage Lender Licensing Act that was signed into law by Governor Brian Schweitzer on May 3, 2007 as part of House Bill 69.  The Montana Residential Mortgage Lender Licensing Act was repealed during the 2009 Regular Legislative Session. 

The licensing of residential mortgage lenders is now part of the Montana Mortgage Broker, Mortgage Lender and Mortgage Loan Originator Licencing Act. This Act was amended in Senate Bill 351 which is effective on July 1, 2009.  The Act now includes the licensing of residential mortgage lenders, mortgage lender branches and mortgage loan originators employed by mortgage lenders.

The Act requires that all mortgage loan originators, working for mortgage lenders originating residential mortgage loans in Montana, be licensed.  The mortgage loan originator licenses will be temporary licenses that will take effect when the license is granted and expire either when the mortgage loan originator is licensed on the Nationwide Mortgage Licensing System and Registry or on April 1, 2010, whichever is earlier.

The online mortgage loan originator application is now available online at the Division's website at: https://svc.mt.gov/bfilicensing.  A list of the items required for the submission of mortgage loan originator applications is available online at http://banking.mt.gov/mortgagelenderlicensing.mcpx.

Mortgage loan originator applications may be submitted at any time after July 1, 2009.  In accordance with Section 32-9-122, MCA, each mortgage lender entity and mortgage lender branch that originates Montana residential mortgage loans must have a designated manager.  The designated manager must be a licensed mortgage loan originator with three years of experience as a mortgage loan originator.

Mortgage lender entity and mortgage lender branch licensees must comply with 32-9-122, MCA in order to renew these licenses.  The Division will be mailing out license renewal forms under separate cover.  The completion of the license renewal for the mortgage lender entity and mortgage lender branch licensees must be submitted by September 1, 2009.  The Division will not issue mortgage lender entity and mortgage lender branch renewal licenses until the designated managers are licensed for each location.

Summary of mortgage lender licensing requirements (revised July 1, 2009).

Recent Legislation (2009 Regular Session)

Forms & Instructions

Administrative Rule Notices

Administrative Rules Printable Version (Effective 8/1/2008)

The State of Montana does not regulate entities solely enagaged in the servicing of mortgage loans or the purchasing of closed mortgage loans on the secondary market. In addition, commercial mortgage lending and brokering are also not regulated in Montana. Commercial mortgage transactions are subject to the usury as outlined in 31-1-107, MCA.

Questions?

Division of Banking and Financial Institutions
301 South Park, Suite 316, PO Box 200546, Helena, MT 59620
Phone: (406) 841-2920 Fax: (406) 841-2930

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