Montana Code 32-9-165. Types of licenses
32-9-165. Types of licenses. (1) The four types of licenses under this part are mortgage broker licenses, mortgage lender licenses, mortgage servicer licenses, and mortgage loan originator licenses.
Terms Used In Montana Code 32-9-165
- Entity: means a business organization, including a sole proprietorship. See Montana Code 32-9-103
- Individual: means a natural person. 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 broker: means an entity that obtains, attempts to obtain, or assists in obtaining a mortgage loan for a borrower from a mortgage lender in return for consideration or in anticipation of consideration or holds itself out as being able to assist a person in obtaining a mortgage loan. See Montana Code 32-9-103
- Mortgage lender: means an entity that closes a residential mortgage loan, advances funds, offers to advance funds, commits to advancing funds for a mortgage loan applicant, or holds itself out as being able to perform any of those functions. 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
- Mortgage loan originator: means an individual who for compensation or gain or in the expectation of compensation or gain:
(i)takes a residential mortgage loan application; or
(ii)offers or negotiates terms of a residential mortgage loan. See Montana Code 32-9-103
- Mortgage servicer: means an entity that:
(a)for forward mortgages:
(i)engages, for compensation or gain from another or on its own behalf, in the business of receiving any scheduled periodic payment from a borrower pursuant to the terms of a residential mortgage loan, residential mortgage servicing documents, or a residential mortgage servicing contract;
(ii)meets the definition of servicer in 12 U. See Montana Code 32-9-103
(2)A mortgage broker license may be issued to an entity that meets the requirements of 32-9-112, 32-9-113, 32-9-116, 32-9-117, 32-9-122, and 32-9-123 and employs at least one Montana-licensed mortgage loan originator.
(3)A mortgage lender license may be issued to an entity that meets the requirements of 32-9-112, 32-9-113, 32-9-116, 32-9-117, 32-9-122, and 32-9-123 and employs at least one Montana-licensed mortgage loan originator.
(4)A mortgage servicer license may be issued to an entity that meets the requirements of 32-9-112, 32-9-113, 32-9-117, and 32-9-123.
(5)A mortgage loan originator license may be issued to an individual who meets the requirements of 32-9-107, 32-9-109, 32-9-110, 32-9-112, 32-9-116, and 32-9-117 and is sponsored by a Montana-licensed mortgage broker or mortgage lender.
(6)A de novo inactive license may be issued to a mortgage loan originator that has met all the requirements for licensure except sponsorship.
(7)A de novo inactive license may be issued to an entity that has met all the requirements for licensure except employment of at least one Montana-licensed mortgage loan originator.
(8)Business may not be conducted under a de novo inactive license.
(9)A Montana-licensed entity may have one or more branch offices if the entity meets the requirements of 32-9-122 and has paid the fee required under 32-9-117.
(10)Licenses under this part may not be assigned or transferred.