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We have 4 formats: Live Classroom Instruction, Classroom Equivalent Webinars: for Pre-Licensing and Continuing Education, Online Instructor Led for Pre-Licensure, Self Study Continuing Education classes
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- Montana Loan Originator License
agentcampus.com offers these Alabama mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.
MortgageEducation.com
NMLS Provider No. 1400051
Address: 555 West 23rd Street, N10E New York, NY 10011
Customer Support:
(404) 496-4177
Who is required to have this license?
- An individual, other than an exempt person, who for compensation or gain, or the expectation of compensation or gain, takes a residential mortgage loan or modification application, or offers or negotiates terms of a residential mortgage loan or mortgage loan modification.
- An individual, other than an exempt person, who for compensation or gain, or the expectation of compensation or gain, takes a residential mortgage loan or modification application, or offers or negotiates terms of a residential mortgage loan or mortgage loan modification.
Who does not need this license?
- A registered mortgage loan originator working for a depository institution or a subsidiary that is owned and controlled by the depository institution and regulated by a federal banking agency.
- An individual who offers or negotiates a residential mortgage loan with or on behalf of an immediate family member.
- A person who offers, negotiates, or provides financing in conjunction with the sale of real property owned by that person, as long as the financing is held throughout the term of the contract for deed, mortgage, or trust indenture by the person who owned the real property.
- A person that performs only real estate brokerage activities and is licensed or registered pursuant to Mont. Code Ann. § 37-51-301, unless the person is compensated by a mortgage lender, mortgage broker, or mortgage loan originator or an agent of the mortgage lender, mortgage broker, or mortgage loan originator.
- A licensed attorney who negotiates the terms of a residential mortgage loan as an ancillary matter to the attorney’s representation of the client unless the attorney is compensated by a mortgage lender, mortgage broker, or mortgage loan originator or an agent of the mortgage lender, mortgage broker, or mortgage loan originator.
- A licensed CPA or public accountant who negotiates the terms of a residential mortgage loan as an ancillary matter to the provision of public accounting services to the client unless the accountant is compensated by a mortgage lender, mortgage broker, or mortgage loan originator or an agent of the mortgage lender, mortgage broker, or mortgage loan originator.
Pre-requisites for license applications
- Sponsorship: mortgage loan originators may not be employed by, or perform mortgage origination activities for, more than one Montana entity licensee simultaneously
- Criminal and civil background check: control persons, designated managers and loan originators
- Credit check: control persons, designated managers and loan originators
- Experience: designated manager (3 years) or loan originator (6 months)
- Education: Twenty (20) hours of pre-license course instruction that has been approved by the NMLSR. Course instruction shall include:
- 3 hours of federal law and regulations;
- 3 hours on ethics, to include fraud, consumer protection, and fair lending;
- 2 hours on lending standards for the nontraditional mortgage marketplace; and
- 12 hours of additional NMLS approved courses.
- Testing
- National Component Test with a minimum passing score of 75%.
- Montana State Component Test with a minimum passing score of 75%.
- Bond amount:
- $25,000 for a combined annual loan production that does not exceed $50 million per year
- $50,000 for annual loan production of $50 million but not exceeding $100 million per year
- $100,000 for annual loan production of more than $100 million per year
- State fee:
- $400 nonrefundable application fee from January to June 30.
- $200 nonrefundable application fee from July 1 to December 31.
Montana Mortgage Loan Originator License
SAFE ACT Requirements
- SAFE MLO Test – All new applicants on or after July 1, 2009 must pass the National Component of the SAFE MLO Test by 3/1/2010. Existing licensees as of July 1, 2009 must pass the National Component of the SAFE MLO Test by 5/31/2010. All licensees will be required to pass the State Component within 90 days after it is available to take.
- Criminal Background Check - All licensees must submit fingerprints through NMLS for a criminal background check by their transition date, either 3/1/2010 or 5/31/2010.
- Credit Report - All licensees must authorize a credit report through NMLS by their transition date, either 3/1/2010 or 5/31/2010.
Montana Mortgage Education Requirements
- SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – All new applicants on or after July 1, 2009 must have completed 20 hours of NMLS approved pre-licensure education by 3/1/2010. Existing licensees as of July 1, 2009 must complete 20 hours of Montana-approved continuing education by 11/1/09. State approved courses will no longer be accepted after 11/1/09.
- SAFE Act Continuing Education (Required courses – SAFE CORE 7 Hours) – All licensees must take 12 hours of NMLS approved continuing education in 2010 in order to renew for 2011, unless PE was completed in 2010. This course should be taken Yearly by 12/31.
- Certification (Education) – Currently licensed MLOs who have completed at least 20 hours of MT State approved education on or before 11/1/2009 may be eligible to participate in the PE certification process and may not need to take the NMLS approved pre-licensure education. Refer to your state agency for more information
MortgageEducation.com and 360Training Marketing Questions
What are the different course formats available to the student?
How long is the course good for? For Pre-license? For CE?
Course purchases are good “forever,” with the only barrier being if we discontinue a course. The course timing expiration varies:
- Classroom – scheduled
- Webinar- 2 to 5 Hours
- Online Instructor Led- 3 to 5 days
What is the vendor approval number?
Our NMLS Provider ID: 1400051
What are the course approval numbers?
Consult the NMLS Master Course Catalog for more detail
How can the Live Instructor help while the customer is taking the course? Is it 24X7?
When the students are in the Webinar based classes, the instructor is there the entire time to answer questions. With the Online Instructor Led, emails go to two instructors, both of whom have general knowledge and are generally available. Responses to activities in the courses occur twice a day. Tech Support – 9:30- 6:30 EST
What’s the Refund policy?
A request for refund, less a 15% processing fee, will be honored if requested within seven calendar days of purchase date. Additionally, for classroom courses, refund requests must be received no later than seven days prior to the course start date. No refunds will be issued for completed courses
How does the online course player work?
75%
What’s the passing score for Pre-license and for CE?
We use “articulate.” we have timed slide progression, interspersed with Knowledge Check, which are short four-question quizzes that require 100% to pass and continue
Are we going to take care of the Live classroom registrations if yes please specify how?
A mix of manual and technology based requests will be done on our end
Are there any pre-test requirements for Pre-licensing for each state if yes please specify.
Students may take the NMLS State and National Exams in any order they choose, and may take them before or after completing the Pre-Licensing Education
Are the printable certificates available upon completion?
If you are not taking these courses for Continuing Education Credit or State Certifications of any Kind, your Certificates will be available to you to Print from your Final exam box located on your “Welcome Page” instantly upon completion of the Final exam
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