Montana Mortgage Servicer Bond |
AmeriPro Surety Bonds | 844-589-9732
Montana Mortgage Servicer License; Determining Bond Amounts
Montana mortgage servicers are licensed and regulated through the state’s Banking and Financial Institutions division.
While this department is the regulatory body, your filing of the mortgage servicer license and surety bond are facilitated through NMLS, the Nationwide Mortgage Licensing System.
Upon purchase of your surety bond, our agency can electronically file it on your behalf through NMLS.
The surety bond required is in one four amounts. The amount required is determined by the unpaid principal balance as of 12/31.
The breakdown for surety bond amounts is as follows:
- Less than $25 million – $75,000 surety bond;
- $25 million to less than $100 million – $150,000 surety bond;
- $100 million to less than $500 million – $250,000 surety bond;
- More than $500 million – $350 surety bond.
Qualifying and the Premium
Qualifying for the Montana mortgage servicer bond is by completion of a surety bond application. Our agency can begin the simple application over the phone with you, which allows us to pre-complete certain basic sections on your behalf. The surety bond app will require your completion, along with your signature and that of a witness.
Upon submission, your application is then reviewed by an underwriter. The review includes a business or personal credit check. Good credit is required by our agency, and upon approval the premium breakdowns are as follows:
- $75,000 surety bond – $563 annual premium;
- $150,000 surety bond – $1125 annual premium;
- $250,000 surety bond – $1875 annual premium;
- $350,000 surety bond – $2625 annual premium.
Upon approval and payment of your premium, our agency can then file your bond to NMLS on your behalf. If you have us mail to you, we will do so, sending you your surety bond along with a Power of Attorney form.
Upon receipt, you’ll sign your bond and file it along with the Power of Attorney form.
Purpose of Your Surety Bond
The purpose of the Montana mortgage servicer bond is to serve as a financial guarantee which secures your compliance with Title 32, Chapter 9, as amended. This is also referred to as the Montana Mortgage Act.
AmeriPro Surety Bonds is a surety bonds-only agency which provides mortgage servicer surety bonds nationwide.
Our agency is also a provider of license and permit bonds in all 50 states.
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