Montana Mortgage License Bonds

Montana Mortgage License Bonds

The Department of Administration, Division of Banking and Financial Institutions manages the licensing of mortgage brokers, lenders, and servicers within the State of Montana.

To qualify for and maintain a license, the Division requires a surety bond—either a Mortgage Broker Bond, Mortgage Lender Bond, Mortgage Servicer Bond, or a Mortgage Broker Independent Contractor Entity License Bond. 

QUOTE

Jet Insurance Company provides each of the Montana Mortgage License Bonds listed above to act as a means of restitution to any party that has been financially damaged by the mortgage professional due to license violations such as negligence, unethical behavior, and/or fraud. 

What Is Jet’s Lowest Price for an MT Mortgage License Bond?

According to the Division, the required limits for the Mortgage Broker Bond, Mortgage Lender Bond, and Independent Contractor Entity Bond must be equal to the annual residential loan production amounts of the licensee. Details on how to determine your required limit are available to view in Jet’s price chart.

Speaking of pricing, Jet’s rates are a small fraction of the bond’s limit and are based on a soft credit check of the applicant. For instance, if you qualify for a $25,000 Mortgage Broker Bond, rates start at just $100 for a one-year term or $10 a month. 

For further information, take a look at the following chart.

Annual Loan ProductionBond LimitMonthly1-Year
Less than $50 million$25,000$10$100
$50 to $100 million$50,000$19$188
More than $100 million$100,000$38$375
MT Mortgage Broker, Lender, and Independent Contractor Entity License Bonds Pricing

As for the Mortgage Servicer Bond, the Division requires the limit is based on the total unpaid principal balance of residential mortgage loans managed by the licensee (as of December 31st). Let’s say you are seeking a minimum $75,000 limit, Jet’s prices are as low as $281 for a one-year term or a simple payment of $28 per month.

Additional principal balances, mandated bond limits, and Jet’s preferred tier rates can be found in the price chart below.

Unpaid Principal BalanceBond LimitMonthly1-Year
Less than $25 million$75,000$28$281
$25 to $100 million$150,000$56$563
$100 tp $500 million$250,000$94$938
More than $500 million$350,000$131$1,313
MT Mortgage Servicer License Bond Pricing

Details on Montana Mortgage License Bonds

The Montana Department of Administration, Division of Banking and Financial Institutions utilizes the Nationwide Multistate Licensing System and Registry (NMLS) for the administration of mortgage licenses, as well as the filing of surety bonds. So once you purchase one of the available mortgage bonds with Jet, it must be filed with the NMLS.

Jet can handle filing your bond for you! We just need you to grant us permission to act as your designated surety company with the NMLS (Jet Insurance Company NAIC #16379). If you are unsure how to do this, the NMLS breaks it down within the Electronic Surety Bond for Licensees webpage.

In Montana, mortgage broker, lender, and servicer licenses expire on December 31st of each year. To ensure you experience a seamless license renewal with the Division, select the renewal button at the bottom of the page for more information. 

If you are in need of further details on the mortgage industry, licensure processes in multiple states, and applicable surety bond regulations, take a look at Jet’s comprehensive Mortgage License Bonds Guide.

How to Renew My Bond

For annually-purchased bonds, see Jet’s process to renew your bond. Hint- it’s simple.

How to Cancel My Bond

See the details surrounding cancelling your bond (a 30-day cancellation period applies).

Bond Claim Process

Mortgage licensees need to be aware of what causes a claim and what happens after a claim is made.

Montana Mortgage Broker Bond Form

Notary Bond Application:

X

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

X

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

X

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: