How to Become a Participating Lender
Required Information for Application to Become an Approved Lender/Servicer for the Montana Board of Housing, effective July, 2010
1. A listing of the entity's principal officers and officers authorized to execute contracts, agreements and other documents, with their contact information including phone number, email and mailing address;
2. A listing of personnel principally involved in making mortgage loans in Montana, a copy of each person's mortgage broker and loan originator license if applicable and contact information for each including phone number, email and mailing address;
3. Evidence of current errors and omissions insurance and Fidelity insurance, each of which must be in the amount currently required by the FHA but not less than $300,000;
4. If the applicant is regulated by one of the regulatory agencies defined in ARM 8.111.305B, the applicant’s most recent regulatory agency reports covering the four quarters immediately preceding the date of application which must, based on generally accepted accounting principles (GAAP), indicate total capital as a percentage of average assets of at least 6% or meet all applicable capital requirements of the regulatory agency and a minimum net worth of $1,000,000; or, if the applicant is not regulated by a regulatory agency defined in ARM 8.111.305B,the applicant’s audited financial statements for the applicant’s most recently completed fiscal year and financial statements prepared within 60 days of submission for at least a six month period immediately preceding the date of the financial statements comprised of a balance sheet, year to date income statement, and a statement of change which must, based on generally accepted accounting principles (GAAP), indicate total capital as a percentage of average assets of at least 6%, and a minimum net worth of $1,000,000.
5. Evidence of existence of the business entity for at least one year prior to the date of application (also applicable to existing approved lenders restructured by the lender's regulatory agency or through reorganization); and
6. Evidence as a FHA, VA, or RD approved lender, as applicable;
7. Designation of office(s) in the State of Montana making residential loans, including locations, mailing addresses, phone numbers, facsimile number and email address of each office appropriate for prospective mortgage borrowers to use in contacting the office.
8. Lender Application form completed and signed by an authorized official.
If you feel your organization qualifies, contact Charles Brown with the Montana Board of Housing Homeownership Program and submit the required application materials.
Montana Board of Housing Homeownership Program
PO Box 200528
Helena MT 59620