Montana Mortgage Loan Originator License

Montana Mortgage Education

EasyRealEstateSchool.com offers these Montana mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.

Montana Mortgage Loan Originator License

Who is required to have this license?

  • An individual, other than an exempt person, who for compensation or gain, or the expectation of compensation or gain, takes a residential mortgage loan or modification application, or offers or negotiates terms of a residential mortgage loan or mortgage loan modification.
  • An individual, other than an exempt person, who for compensation or gain, or the expectation of compensation or gain, takes a residential mortgage loan or modification application, or offers or negotiates terms of a residential mortgage loan or mortgage loan modification.

Who does not need this license?

  • A registered mortgage loan originator working for a depository institution or a subsidiary that is owned and controlled by the depository institution and regulated by a federal banking agency.
  • An individual who offers or negotiates a residential mortgage loan with or on behalf of an immediate family member.
  • A person who offers, negotiates, or provides financing in conjunction with the sale of real property owned by that person, as long as the financing is held throughout the term of the contract for deed, mortgage, or trust indenture by the person who owned the real property.
  • A person that performs only real estate brokerage activities and is licensed or registered pursuant to Mont. Code Ann. § 37-51-301, unless the person is compensated by a mortgage lender, mortgage broker, or mortgage loan originator or an agent of the mortgage lender, mortgage broker, or mortgage loan originator.
  • A licensed attorney who negotiates the terms of a residential mortgage loan as an ancillary matter to the attorney’s representation of the client unless the attorney is compensated by a mortgage lender, mortgage broker, or mortgage loan originator or an agent of the mortgage lender, mortgage broker, or mortgage loan originator.
  • A licensed CPA or public accountant who negotiates the terms of a residential mortgage loan as an ancillary matter to the provision of public accounting services to the client unless the accountant is compensated by a mortgage lender, mortgage broker, or mortgage loan originator or an agent of the mortgage lender, mortgage broker, or mortgage loan originator.

Pre-requisites for license applications

  • Sponsorship: mortgage loan originators may not be employed by, or perform mortgage origination activities for, more than one Montana entity licensee simultaneously
  • Criminal and civil background check: control persons, designated managers and loan originators
  • Credit check: control persons, designated managers and loan originators
  • Experience: designated manager (3 years) or loan originator (6 months)
  • Education: Twenty (20) hours of pre-license course instruction that has been approved by the NMLSR. Course instruction shall include:
    • 3 hours of federal law and regulations;
    • 3 hours on ethics, to include fraud, consumer protection, and fair lending;
    • 2 hours on lending standards for the nontraditional mortgage marketplace; and
    • 12 hours of additional NMLS approved courses.
  • Testing
    • National Component Test with a minimum passing score of 75%.
    • Montana State Component Test with a minimum passing score of 75%.
  • Bond amount:
    • $25,000 for a combined annual loan production that does not exceed $50 million per year
    • $50,000 for annual loan production of $50 million but not exceeding $100 million per year
    • $100,000 for annual loan production of more than $100 million per year
  • State fee:
    • $400 nonrefundable application fee from January to June 30.
    • $200 nonrefundable application fee from July 1 to December 31.

For more information about the actual course please visit Mortgage Education Course FAQ’s.

Montana Mortgage Loan Originator License

 


Montana State Requirments

SAFE ACT Requirements

  • SAFE MLO Test – All new applicants on or after July 1, 2009 must pass the National Component of the SAFE MLO Test by 3/1/2010. Existing licensees as of July 1, 2009 must pass the National Component of the SAFE MLO Test by 5/31/2010. All licensees will be required to pass the State Component within 90 days after it is available to take.
  • Criminal Background Check - All licensees must submit fingerprints through NMLS for a criminal background check by their transition date, either 3/1/2010 or 5/31/2010.
  • Credit Report - All licensees must authorize a credit report through NMLS by their transition date, either 3/1/2010 or 5/31/2010.

Montana Mortgage Education Requirements

  • SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – All new applicants on or after July 1, 2009 must have completed 20 hours of NMLS approved pre-licensure education by 3/1/2010. Existing licensees as of July 1, 2009 must complete 20 hours of Montana-approved continuing education by 11/1/09. State approved courses will no longer be accepted after 11/1/09.
  • SAFE Act Continuing Education (Required courses – SAFE CORE 7 Hours) – All licensees must take 12 hours of NMLS approved continuing education in 2010 in order to renew for 2011, unless PE was completed in 2010. This course should be taken Yearly by 12/31.
  • Certification (Education) – Currently licensed MLOs who have completed at least 20 hours of MT State approved education on or before 11/1/2009 may be eligible to participate in the PE certification process and may not need to take the NMLS approved pre-licensure education. Refer to your state agency for more information

For more information about the actual course please visit Mortgage Education Course FAQ’s.

Montana Mortgage Loan Originator License