Montana Mortgage Broker Bond Requirements

If you wish to work as a mortgage broker in Montana, you need to obtain a mortgage broker bond.

The Division of Banking and Financial Institutions is the regulatory body in the state that oversees mortgage professionals’ activities. It sets the criteria for obtaining your Montana mortgage broker license. You have to undergo the procedure via the website of the Nationwide Mortgage Licensing System (NMLS).

Why Do I Need This Bond?

The purpose of the surety bond is to ensure you will follow the law in your work as a mortgage professional. It guarantees your compliance with the Montana Mortgage Act and all other applicable rules.

The bond protects your customers against potential legal transgressions on your side. It is a mechanism that can provide financial compensation if you defraud or mislead them about their mortgages. Harmed parties can seek fair reimbursement up to the penal sum of the bond.

Do you need further information about how bonds work for your mortgage business? Check out our ‘What is a surety bond’ guide.

Start your surety bond application today! Why us?
  • Quick turnaround - just 1-2 business days
  • Tailor-made advice on building a strong application
  • Exclusive bad credit programs

If you have any questions, you can reach us at 866.450.3412!

What Is the Montana Mortgage Broker Bond Cost?

The surety bond cost that you have to pay is formulated based on the bond amount that you are required to provide.

In Montana, mortgage brokers have to post the following amounts, depending on their annual loan volume:

  • Below $50 million - $25,000
  • Between $50 million and $100 million - $50,000
  • Above $100 million - $100,000

The bond premium that you have to pay is a small percentage of the required amount.

Factors Determining Your Bond Premium

What does your surety look at to set your mortgage broker bond cost? The key factor is your credit score. If your FICO score is above 700, you can get rates as low as 0.75%-1.5% of the bond amount.

The rest of the important indicators that shape up your bond cost include:

  • Personal and business finances
  • Fixed and liquid assets
  • Mortgage industry experience

Check out estimates of the bond cost according to your credit score in the table below.

Mortgage Broker Bond Cost By Credit Score In Montana
Annual loan production Bond Amount Bond Cost By Credit Score
Above 700 650-699 600-649 Below 599
Less than $50 million $25,000 $188-$375 $250-$750 $375-$1,000 $750-$1,750
Between $50 million and $100 million $50,000 $375-$750 $500-$1,500 $750-$2,000 $1,500-$3,500
More than $100 million $100,000 $750-$1,500 $1,000-$3,000 $1,500-$4,000 $3,000-$7,000

How to Apply For a Bond

You can get started with your bonding by clicking on the banner below. You have to fill in the application form to get a free quote. Then you can buy your mortgage broker bond online.

Not ready to apply? Then simply get a free no-obligations quote, so you can see our low prices!

Still have questions about the Montana mortgage broker bond? You can contact us at 866.450.3412.

About us:
Bryant Surety Bonds, Inc. is a surety bond agency based in Pennsylvania. Licensed in all 50 states and with access to over 20 T-listed, A-Rated bonding companies, we have the contacts, expertise, and top service to provide you with a hassle-free experience, all while offering competitive rates for your surety bond.