Montana Mortgage Broker Bond

Summary

A Montana mortgage broker bond is a type of surety bond that is required by the Montana Division of Banking and Financial Institutions for individuals or companies that want to become licensed mortgage brokers in the state of Montana. The bond ensures that the mortgage broker will comply with all applicable laws and regulations and provides a form of protection for clients in case the broker engages in unethical or illegal behavior. The amount of the bond varies based on the broker's loan volume and history, but must be at least $25,000. The bond is typically obtained through a surety bond company and requires the broker to pay a premium based on the amount of the bond and their creditworthiness.

What is an Montana Mortgage Broker Bond? 

Montana Mortgage Broker Bonds are required by Montana’s Division of Banking and Financial Institutions to obtain your Mortgage Broker license. The Montana Mortgage Broker Bond amount is set at $25,000. This license is required of any company or sole proprietorship that obtains, attempts to obtain, or assists in obtaining a mortgage loan for a borrower from a lender in return for, or in anticipation of, consideration.

The State requires a Mortgage Broker bond for :  

A minimum of a $25,000 surety bond is required for any business. This amount stays the same until the total loan amount hits $50,000,000 and the surety bond rises to $50,000. At a total loan amount of $100,000,000 and so on, the bond amount becomes $100,000. 

Different parts of a bond:

 There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.

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Program:

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Montana Mortgage Broker Bond Information and Requirements:

A minimum of a $25,000 surety bond is required for any business. This amount stays the same until the total loan amount hits $50,000,000 and the surety bond rises to $50,000. At a total loan amount of $100,000,000 and so on, the bond amount becomes $100,000.