Montana Mortgage Broker Bonds
1. Start Your Application
2. Receive Your Free Quote
3. Buy Your Surety Bond
- Image
Free bond quote - Image
Outstanding mortgage broker bond rates - Image
Bad credit program - Image
Easy online process
How Much Does a Montana Mortgage Broker Bond Cost?
A Montana mortgage broker bond can cost at least as $250, depending on the amount of the bond. In Montana, mortgage brokers and lenders must secure a bond based on their annual loan production amounts. Additionally, mortgage servicers must have a second bond based on the total amount of unpaid mortgage loans.
In either case, the bond amount depends on the total calculation. For example, if you’re a mortgage broker with less than $50 million in loans produced, you must secure a $25,000 bond. If the total equals or exceeds $50 million annually, the bond increases to $50,000.
Here’s a table illustrating the different bond types, amounts, and premium costs. You can also see how your credit score affects the price. Typically, a good score helps you get a lower rate of around 1% to 3% of the bond amount.
|
Surety Bond Cost Based on Credit Score |
||||
|
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Montana Mortgage Broker Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
|
Montana Mortgage Broker Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
|
Montana Mortgage Broker Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
Montana Mortgage Broker Bond |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
Montana Lender Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
|
Montana Lender Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
|
Montana Lender Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
Montana Lender Bond |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
Montana Mortgage Servicer Bond |
$75,000 |
$750 - $2,250 |
$2,250 - $3,750 |
$3,750 - $7,500 |
|
Montana Mortgage Servicer Bond |
$150,000 |
$1,500 - $4,500 |
$4,500 - $7,500 |
$7,500 - $15,000 |
|
Montana Mortgage Servicer Bond |
$250,000 |
$2,500 - $7,500 |
$7,500 - $12,500 |
$12,500 - $25,000 |
|
Montana Mortgage Servicer Bond |
$350,000 |
$3,500 - $10,500 |
$10,500 - $17,500 |
$17,500 - $35,000 |
How to Get a Montana Mortgage Broker Bond
Unlike most surety bonds, getting a mortgage broker bond in Montana requires some due diligence. Because the bond amount depends on how many loans you’ve originated, the process can be a little tricky.
We recently helped a mortgage broker in Billings get the correct Montana surety bond for her business. Once she calculated her annual loan production, we were able to get her a quote for a $50,000 mortgage broker bond. Our goal is to make bonding as convenient as possible.
1. Apply for the Bond Online
Using our online application form, you can request a quote for your specific bond, depending on your particular needs. We just need some extra information about yourself and your business to process the application.
2. Get the Best Bond Quote
In most cases, we can process a mortgage broker bond quickly. However, sometimes, the quote may take up to 24 or 48 hours to come through, depending on the complexity. Regardless of the time frame, you can be sure we’re getting you the best quote possible.
3. Pay the Premium
Once you receive your quote, you can pay the premium, and upon payment we will send you your bond via email. We can also mail a physical copy if requested.
Mortgage Broker Bond Requirements in Montana
The state of Montana requires mortgage brokers, lenders, and servicers to register with the Nationwide Multistate Licensing System (NMLS). You must also submit a Montana mortgage surety bond form with a minimum value of $25,000, based on the amount of annual loan production. Understanding how to get a mortgage license can streamline the entire process and simplify getting your business up and running.
You can also check out the list of specific requirements for registering as a mortgage broker in Montana. Although you’re getting a license through the NMLS, you must still register and show proof of licensure (and bonding). The Montana Department of Administration Banking and Financial Institutions Division is in charge of verifying these details.
About Us
Still Have Questions? Check Our FAQ Pages
What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
