Montana Revises Licensing Provisions

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The Montana Department of Administration has amended its regulations regarding mortgage broker and loan originator licensing, including, but not limited to, the following:

  • The surety bond must be filed with NMLS in light of the ability to upload electronic surety bonds into the licensee’s NMLS record.
  • The reporting form for mortgage services used has been updated to the Quarterly Statement for Mortgage Servicing Activity version dated May 31, 2016.
  • The rule clarifying the definition of "origination of a mortgage loan" has been repealed since it is no longer needed. The rule was adopted in 2013 when there was not a definition for clerical or support duties, to clarify that loan processors and underwriter were not considered mortgage loan originators. Since then, a definition for clerical or support duties has been added.

These provisions are effective starting July 8, 2017.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.

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