Montana Mortgage Lender Bond
Any entity that closes, funds, or commits to funding residential mortgage loans, including sole proprietors, must be licensed as a mortgage lender and obtain this bond. Entities offering loan modifications also fall under this requirement. Bond amounts vary by loan volume and financial stability, with minimums typically ranging as follows:
| Annual Loan Production | Bond Amount | Annual Premium |
| No prior business in MT or less than 1 year in MT | $25,000 | $150 |
| Less than $50,000,000 | $25,000 | $150 |
| Less than $100,000,000 | $50,000 | $300 |
| More than $100,000,000 | $100,000 | $600 |
Overview
Montana mandates mortgage lenders to post a surety bond as part of their licensing process through the Montana Division of Banking and Financial Institutions. The bond serves as a financial safeguard for consumers who engage with the services of the mortgage lender.
The bond amount is determined based on factors like the lender's loan volume and financial stability, with minimum amounts ranging from $25,000 to $100,000. It's essential for mortgage lenders to maintain an active and valid bond throughout their licensing tenure.
No credit check or financials needed up to $1M in aggregate bonds. Your bond premium (your cost) is $6 per $1,000 of the bond amount.