The is required by the Division of Banking and Financial Institutions in the amount of $100,000. The surety bond confirms that the bondholder, its agents, employees, and independent contractors will comply with the provisions of the MMA, all regulations there under, and all other laws applicable to the conduct of its business and will pay any and all money that may become due to the State of Montana.
The surety bond is a requirement if you would like to be licensed as a Montana mortgage servicer. Those who need to be licensed would be any entity that engages for compensation or gain in the business of receiving any scheduled periodic payment from a borrower, pursuant to the terms of a residential mortgage loan, residential mortgage servicing documents or residential mortgage servicing contract.
Before you can apply for a license through the Nationwide Mortgage Licensing System, you will need to fulfill or comply with the prerequisites. First, you need to prepare $850 for the application fee, a trust account for borrower funds, credit check and background check for principals (director, general partner or executive officer, etc) and surety bond amounting to $100,000.
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety1 are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.