The Montana Department of Administration has amended its regulations regarding mortgage broker and loan originator licensing, including, but not limited to, the following:
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The surety bond must be filed with NMLS in light of the ability to upload electronic surety bonds into the licensee’s NMLS record.
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The reporting form for mortgage services used has been updated to the Quarterly Statement for Mortgage Servicing Activity version dated May 31, 2016.
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The rule clarifying the definition of "origination of a mortgage loan" has been repealed since it is no longer needed. The rule was adopted in 2013 when there was not a definition for clerical or support duties, to clarify that loan processors and underwriter were not considered mortgage loan originators. Since then, a definition for clerical or support duties has been added.
These provisions are effective starting July 8, 2017.
