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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
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Step 1 |
Step 2 |
Step 3 |
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Get Your NMLS Account and ID Number |
Finish Your NMLS Pre-License Education |
Pass the NMLS Mortgage Licensing Exam |
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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. |
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Step 4 |
Step 5 |
Step 6 |
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Complete Background Checks and Settle Fees |
Apply for Your Montana Mortgage License |
Link Your NMLS Account with Your Employer |
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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 Frequently Asked Questions
In an effort to curb the predatory lending practices that led to the demise of the housing and residential mortgage industry in 2008, the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE) was enacted. This opened up a world of opportunity to those driven to attain an MLO license and then work hard to match people with loan products.
| Topic | Hours Required |
|---|---|
| Fair Lending, Ethics, Fraud, and Consumer Protection | 3 Hours |
| Federal Laws and Regulations | 3 Hours |
| Non-Standard Lending | 2 Hours |
| Undefined Electives | 10 Hours |
| Montana Specific Education | 2 Hours |
| Total 20 Hours | |
If you complete the required 20 hours of education but do not obtain your license for a 3-year period, you'll need to repeat the coursework. The same applies if you let your license lapse for 3+ years before you want to get back into the industry.
A “mortgage broker” refers to an individual or an organization that connects consumers with mortgage loans from a variety of companies. Mortgage brokers frequently employ loan officers. In contrast, a loan officer is an employee who regularly works with borrowers and provides loans that are originated by their employer. Brokers and loan officers need different types of licenses.
Earning your mortgage broker license in Montana should be considered an investment well worth your time. Here’s what to expect when it comes to licensing fees in Montana:
| NMLS Fees | |
|---|---|
| NMLS Initial Processing Fee | $30 |
| Montana License Fee | $400 |
| Credit Report | $15 |
| FBI Criminal Background Check | $36.25 |
| Total License Cost | $481.25 |
On an annual basis, Montana MLO license holders must complete 8 total hours of Comprehensive Continuing Education that must cover:
| Topic | Required Hours |
|---|---|
| Federal Regulations and Law | 3 Hours |
| Ethics, including consumer protection, fair lending | 2 Hours |
| Non-Traditional mortgage lending | 2 Hours |
| General Elective | 1 Hour |
Remember to take into account the “successive years” rule, which prohibits loan officers from taking the same CE course two years in a row.
Mortgage Educators changes its continuing education course annually to ensure there are no issues with the successive years rule.
The deadline to complete CE in Montana is December 31st. MLO's in Montana are actually prevented from applying for license renewal until they have completed their CE.\
Mortgage Educators and Compliance is here to answer any additional questions you may have regarding your Montana mortgage license. For additional questions, feel free to call us at (801) 676-2520 or email us at 20hour@MortgageEducators.com.
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.
