The surety bond requirements for a mortgage broker bond are the same for the Montana mortgage lender bond. What we write below is therefore applicable to both mortgage brokers and lenders.
While your licensing and regulation are handled by the state’s Banking and Financial Institutions division, the filing of your license and surety bond are completed through NMLS, the Nationwide Mortgage License System.
After purchasing your surety bond in the required amount, our agency can electronically file your bond on your behalf to NMLS.
The breakdown for surety bond requirement amounts is as follows:
Applicants who apply for the $25,000 or $50,000 Montana broker and lender surety bond will have expedited approval. This is because these bonds are issued with no credit check.
What this means for you is that after completion of a short surety bond application, which we’ll take from you over the phone, and payment of the premium the surety bond is issued within minutes.
The premium breakdown is as follows:
For those who require a $100,000 surety bond, a completed and signed application, along with a credit check inquiry are required.
After review by an underwriter, and with your acceptable business or personal credit, the $100,000 surety bonds has a premium of $750 annually.
Regardless of the amount of surety bond required, after its purchase, we can file the bond on your behalf through NMLS, or we can send the bond to you for filing, along with a Power of Attorney form.
The Montana mortgage broker bond is active for one year from the date of issuance.
Options exist to prepay your surety bond up to 3 years (which will save you money); however, you should bear in mind before choosing to do so, whether you might require a different surety bond amount in the following calendar year.
Purpose Of Your Surety Bond Requirement
Your surety bond requirement is a financial guarantee of your compliance with the Montana Mortgage Broker and Mortgage Loan Originator Licensing Act, as amended.
The bond is for the benefit of any consumers who are harmed by the failure to comply with the laws by a mortgage broker and lender, which in turn, causes a loss or some other harm.
AmeriPro Surety Bonds provides mortgage broker and mortgage lender surety bonds nationwide.
Our agency is also a provider of license and permit surety bonds in all 50 states.
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