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Get Your Mortgage Loan Originator License in 2022!

 

 

Montana Pre-Licensing Bundle

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Starting at: $399 Now Only $259!

Use Promo Code: MTPEDEAL

 

 

Licensed in another state and want to add Montana?

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Now Only $49.98!

Use Promo Code: MTPE49

 

 

 

Obtaining a mortgage license and becoming a Montana loan officer is very simple, but it’s not for everyone. It takes a willingness to learn the basic ins and outs of the industry as well as a desire to work hard. The mortgage industry is a great one to get into and it provides a lot of flexibility. If you like to work hard, you are a people person, and you have a desire to learn, becoming a mortgage loan officer is the perfect choice for you.

 

How to Get an NMLS Mortgage License in Montana

 

 

Step 1

     

Step 2

     

Step 3

 
 

Get Your NMLS Account and ID Number

     

Finish Your NMLS Pre-License Education

     

Pass the NMLS Mortgage Licensing Exam

 
 

Before obtaining your Montana mortgage license, you must apply for an NMLS account and ID number. Head over to the NMLS website to do this.

     

After creating your NMLS account, you’ll need to complete your pre-license education. Montana requires new state-licensed MLOs to complete 20 hours of NMLS-approved education, including a 2-hour state law course.

     

With your pre-licensure education done, your next step is to take the National Test Component exam. Find out how you can sign up for the test here.

 
 

Step 4

     

Step 5

     

Step 6

 
 

Complete Background Checks and Settle Fees

     

Apply for Your Montana Mortgage License

     

Link Your NMLS Account with Your Employer

 
 

Once you pass the NMLS mortgage exam, you can apply for your NMLS license. Before submitting your application, you need to authorize background checks and register your fingerprints with NMLS. Learn more about the steps here.

     

A passing score on your NMLS exam allows you to be a licensed MLO in Montana. Learn the process of applying for your mortgage license with this guide.

 

     

Your Montana mortgage license remains in a pending or “Approved-Inactive” status until the mortgage company you’re associated with submits a sponsorship request. Your employer has to notify the government of the institution that oversees your license. Find out how to link your NMLS account with your company here.

 

 

Getting Your MLO License in Montana

Obtaining a mortgage license in Montana is your first step toward a highly rewarding and flexible career in the financial industry. However, being a state-licensed loan officer isn’t for the faint of heart—you must be willing to put in the time and effort.

 

We’re here to help you tread the challenging path of getting your mortgage license. Our course bundles cover Montana’s pre-license education requirements. These include a test prep course to help you prepare for the actual NMLS exam and take it with confidence.

 

Montana Mortgage License Education Requirements:

States have different NMLS license requirements, so it’s essential to know which rules apply if you want to be licensed in a particular state. Under the SAFE Act of 2008 all loan originators have to complete the required pre-licensure education credits.

 

In Montana, MLOs must complete at least 20 hours of NMLS-approved courses, including two hours of state-specific content. At Mortgage Educators, we are an approved education provider with the NMLS, and during our instructor-led pre-license course, we’ll cover the following:

 

  • 3 hours of federal law and regulations

  • 3 hours of ethics and fraud

  • 2 hours of lending standards related to nontraditional mortgage products

  • 12 hours of undefined instruction on mortgage origination

 

 

What’s the Difference Between a Mortgage Broker License in Montana and a Loan Officer License?

Most people confuse these two types of licenses with each other. While both deal with mortgages, they are not the same and should not be used interchangeably.

 

A mortgage broker license is given to a company that offers or assists in obtaining property-secured loans. On the other hand, a loan officer license is issued to individuals authorized to originate mortgage loans.

 

Cost of Getting Your Mortgage License in Montana

Below are the fees you have to pay to get your Montana mortgage loan originator license:

 

- NMLS Initial Processing Fee: $30

- Credit Report: $15

- FBI Criminal Background Check: $36.25

- Montana License/Registration Fee: $400

- Total Application Fees: $481.25

 

However, these exclude the NMLS testing fee of $110 and the cost of enrolling in the required PE courses. Check here to see what other fees apply to you.

 

PE Expiration Policy in Montana

 

Pre-licensure education or PE in Montana is valid for 3 years from the course completion date or the final day of your MLO license or registration in any jurisdiction, whichever is later. If you fail to acquire your mortgage license within 3 years after completion, you must retake the 20-hour course.

 

Montana Continuing Education Requirements

 

Like in other states, Montana requires licensed MLOs to renew their licenses annually. However, they must complete at least 8 hours of continuing education or CE courses before renewal.

 

These courses should include:

 

  • 3 hours of training on federal laws and regulations

  • 2 hours of training in ethics, including instruction on fraud prevention, consumer protection, and fair lending issues

  • 2 hours of training related to lending standards for the nontraditional mortgage product marketplace

 

Under state law, mortgage loan officers cannot take the same approved course in the same or successive years to comply with the renewal requirement. Since we revise our curriculum every year, you can continue to take new courses with us. We will also submit your CE credit hours to the NMLS website.

 

All licenses expire on December 31, so you have to complete your CE before that date since NMLS allows education providers 7 calendar days to report education credits.

 

 

Earn Your Montana Mortgage License with Us

Whether you’re applying for a new MLO license or renewing yours, let Mortgage Educators be your trusted provider of NMLS-approved courses. Choose from our instructor-led PE or self-study CE courses.

 

 

 

Additional Questions?

Mortgage Educators and Compliance is here to answer any additional questions that you may have in regards to your Montana mortgage license. For additional questions, feel free to call us at (801) 676-2520 or email us at 20hour@MortgageEducators.com.

 

 

 

 

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