Montana Mortgage Servicer Bond
Bond Details
- Montana Mortgage Servicer Bond – $75,000 bond – $450 per year
- Montana Mortgage Servicer Bond – $150,000 bond – $900 per year
- Montana Mortgage Servicer Bond – $250,000 bond – $1,500 per year
- Montana Mortgage Servicer Bond – $350,000 bond – $2,100 per year
Overview
Montana mandates that mortgage servicers post a surety bond as part of their licensing process through the Montana Division of Banking and Financial Institutions. The bond serves as a financial safeguard for consumers who engage with the servicer's services.
The bond amount is determined based on factors like the lender's loan volume and financial stability, with minimum amounts typically ranging from $75,000 to $350,000. Mortgage servicers need to maintain an active and valid bond throughout their licensing tenure.
No credit check or financials needed up to $1M in aggregate bonds. Your bond premium (your cost) is $6 per $1,000 of the bond amount.