Montana Code 32-9-151. Mortgage call reports
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32-9-151. Mortgage call reports. (1) Each licensee shall submit to the NMLS reports of condition, which must be in the form and must contain information that the NMLS may require.
Terms Used In Montana Code 32-9-151
- Licensee: means a person authorized pursuant to this part to engage in activities regulated by this part. 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
(2)Each mortgage loan originator shall ensure that all residential mortgage loans that close as a result of the mortgage loan originator’s loan origination activities are included in the report of condition submitted to the NMLS. (See part compiler’s comment regarding contingent suspension.)