How to get Montana Mortgage Loan Originator Prelicensing Education PE and MT Continuing Education CE Requirements Met
1. Get your NMLS Number
If you have not done so already, it takes 1 -2 minutes to get your NMLS number. https://www.statemortgageregistry.com/Public/Login.aspx Click "Request an account" Click "Individual" We try to make all of these things easier, what questions may we answer? Use the chat feature on the bottom right corner of every web page to get answers now!
2. Get and complete your MT 20 Hour Prelicense Education PE Course Bundle including the best MLO test prep program available.
3. Pass the NMLS Nation Component Exam with Uniform State Test using our included test preparation program and add other states by getting and completing state PE courses
4. Apply for your Montana MLO License through the NMLS, the licensing system will prompt you at this point for your next steps after opening your MT Mortgage Loan Originator application.
Questions about qualifications on any part of the process? Use the chat feature on the bottom right of this webpage or click here and get answers fast!
Montana Mortgage Loan Originator MLO Pre-Licensure Education Requirements
New state-licensed MLOs are required to complete 20 hours of NMLS-approved education. This education must include 3 hours of Federal law, 3 hours of ethics (which shall include fraud, consumer protection, and fair lending issues), 2 hours of non-traditional mortgage lending, plus 12 hours of undefined education (referred to as electives). Number of hours is 3/3/2/10 + 2hrs of MT law = 20 Montana has requirement for 2 hours of instruction on state-specific law which may be satisfied by either taking a comprehensive course and a state-specific elective course. Click here to get your Montana MLO 20 Hour Online Course including the best test prep program and 2 hour MT law PE course as required by Montana law. If you are adding a Montana MLO license and need only the MT 2 Hour Course click here.
Note: Pre-licensure education is valid for three years from the date the education was completed or the last day you held a mortgage loan originator license or registration in any jurisdiction, whichever is later.
Montana Mortgage Loan Originator MLO Continuing Education Requirements
Every state-licensed MLO (in any approved status) is required to complete at least 8 hours of NMLS approved education annually beginning the year they are licensed (unless PE was completed in the same year). Annual CE education must include 3 hours of Federal law, 2 hours of ethics (which shall include fraud, consumer protection, and fair lending issues), and 2 hours of non-traditional mortgage lending, plus 1 hour of undefined education (referred to as an elective). Number of hours is 3/2/2/1= 8 MLOs are advised that to comply with the SAFE Act’s “successive years” rule, they may not take the same CE course two years in a row. MLO’s are advised not to retake pre-licensure education (PE) unless directed to by a State Regulator. PE education does not count towards meeting annual CE requirements. Click here to get the Montana MLO 8 Hour Online CE Course
Montana Mortgage Regulator Contact Information
Contact the Montana Division of Banking and Financial Institutions licensing staff by phone at (406) 841-2920 or send your questions via e-mail to mortgagelicensing@mt.gov for additional assistance.
How much does a MT MLO license cost? The Montana mortgage loan originator costs $481.25 itemized as follows
NMLS Initial Processing Fee: $30
Montana License/Registration Fee: $400
Credit Report: $15 if the most recent NMLS credit report is greater than 30 days old
FBI Criminal Background Check: $36.25
Montana MLO NMLS Checklist to find out what are the MT MLO License Requirements
Who has to be licensed in MT as an MLO MT Processor?
An individual must get and maintain a Montana MLO license who, for compensation or gain or in the expectation of compensation or gain:
(i) takes a residential mortgage loan application; or
(ii) offers or negotiates terms of a residential mortgage loan.
The term includes an individual who represents to the public that the individual can or will perform the services described in the subsection (i) and (ii) above.
A loan processor or underwriter who is an independent contractor and acts as a mortgage loan originator as defined in Mont. Code Ann. § 32-9-103(23).
An individual who is designated by an independent contractor entity as the individual responsible for the operation of a particular location that is under the responsible individual's full management, supervision, and control.
Mortgage loan modification permitted under Montana MLO license along with the following activities:
This Montana Mortgage Loan Originator license authorizes the following activities…
First mortgage brokering, Second mortgage brokering, Third party mortgage loan processing, Mortgage loan modifications
Who does NOT need a Montana MLO license who is exempt from Montana MLO license?
An employee of a federal, state, tribal, or local government or housing finance agency acting within the course and scope of his or her duties.
A registered mortgage loan originator working for a depository institution or a subsidiary that is wholly-owned and controlled by the depository institution and regulated by a federal banking agency.
An employee of a bona fide not for profit entity acting within the course and scope of his or her employment.
A person that performs only real estate brokerage activities and is licensed or registered pursuant to Mont. Code Ann. § 37-51-301, unless the person is compensated by a mortgage lender, mortgage broker, or mortgage loan originator or an agent of the mortgage lender, mortgage broker, or mortgage loan originator.
A licensed Montana attorney who performs activities within the definition of a mortgage loan originator if the activities are considered by the Montana Supreme Court to be part of authorized practice in this state and the activities are carried out in full compliance with all applicable statutes, rules, and standards for attorneys.
A person who is not regularly engaged in the business of being a mortgage loan originator. Mont. Code Ann. § 32-9-103(39)
(39) "Regularly engage" means that a person: (a) has engaged in the business of a mortgage broker, mortgage lender, mortgage servicer, or mortgage loan originator on more than five residential mortgage loans in the previous calendar year or expects to engage in the business of a mortgage broker, mortgage lender, mortgage servicer, or mortgage loan originator on more than five residential mortgage loans in the current calendar year; or
(b) has served as the prospective source of financing or performed other phases of loan originations on more than five residential mortgage loans in the previous calendar year or expects to serve as the prospective source of financing or perform some other phases of loan origination on more than five residential mortgage loans in the current calendar year.
An individual who is an employee of a retailer of manufactured or modular homes if the employee is performing only administrative or clerical tasks in connection with the sale or lease of a manufactured or modular home and if the individual receives no compensation or other gain from a mortgage lender or a mortgage broker for the performance of the administrative or clerical tasks.
Montana notes on MLO Credit Report Requirements late payments bankrupticies foreclosures
Credit Report Explanations: Submit a line by line, detailed letter of explanation of all derogatory credit accounts along with proof of payoffs, payment arrangements and evidence of payments made, or evidence of any formal dispute filed (documents must be dated). Accounts to address include, but are not limited to: collections items, charge offs, accounts currently past due,accounts with serious delinquencies in the last 3 years, repossessions, loan modifications, etc.
Note: Items regarding bankruptcy, foreclosure actions, outstanding judgments or liens, or delinquent child support payments should be addressed in the Disclosure Explanations section of your Individual Form MU4.
This document should be named Credit Report Explanations – Montana Mortgage Loan Originator – Document Creation Date.