Montana Code 32-9-105. Nationwide mortgage licensing system for mortgage brokers, mortgage lenders, mortgage servicers, and mortgage loan originators
32-9-105. Nationwide mortgage licensing system for mortgage brokers, mortgage lenders, mortgage servicers, and mortgage loan originators. (1) The department may participate in the NMLS and shall require mortgage brokers, mortgage lenders, mortgage servicers, and mortgage loan originators to apply for state licensure on applications approved by the NMLS.
Terms Used In Montana Code 32-9-105
- Department: means the department of administration provided for in 2-15-1001, acting through its division of banking and financial institutions. See Montana Code 32-9-103
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: means a consensual interest in real property located in Montana, including improvements, securing a debt evidenced by a mortgage, trust indenture, deed of trust, or other lien on real property. See Montana Code 32-9-103
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- NMLS: means a licensing system developed and maintained by the conference of state bank supervisors and the American association of residential mortgage regulators for the registration and licensing of persons providing nondepository financial services. See Montana Code 32-9-103
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)The department may establish requirements through rulemaking as necessary to comply with the NMLS, including requirements:
(a)for payment of nonrefundable fees to apply for, maintain, and renew licenses through the NMLS;
(b)for renewal or reporting dates; and
(c)pertaining to any other activity necessary for participation in the NMLS.
(3)The department’s portion of the licensing fees collected by the NMLS under this section must be deposited in the department’s account in the state special revenue fund to be used for administering this part. (See part compiler’s comment regarding contingent suspension.)