32-9-169. Mortgage servicer prohibitions
32-9-169. Mortgage servicer prohibitions. A mortgage servicer may not: (1) fail to comply with the mortgage loan servicing transfer, escrow account administration, or borrower inquiry response requirements imposed by the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. 2601, et seq., and regulations adopted under that act; (2) fail to comply with applicable state and federal laws, […]
32-9-170. Mortgage servicer duties
32-9-170. Mortgage servicer duties. In addition to any duties imposed by federal law or regulations or the common law, a mortgage servicer shall: (1) safeguard and account for any money handled for the borrower; (2) follow reasonable and lawful instructions from the borrower; (3) act with reasonable skill, care, and diligence; (4) comply with the servicing standards set by the […]
32-9-171. Mortgage servicer capital requirements
32-9-171. Mortgage servicer capital requirements. (1) The following definitions apply to this section: (a) ”Liquidity” means unrestricted cash and cash equivalents, investment grade securities that are available for sale or held for trade, and unused and available portion of committed servicing advance lines. (b) ”Operating reserves” are funds set aside in anticipation of future payments or obligations and […]
32-9-172. Mortgage lender net worth requirement
32-9-172. Mortgage lender net worth requirement. (1) A mortgage lender shall continuously maintain the minimum net worth required by this section. (2) A mortgage lender must have a minimum net worth of $250,000 and submit evidence that establishes compliance with this section. Evidence of net worth must include submission of recent financial statements accompanied by a written […]
32-9-151. Mortgage call reports
32-9-151. Mortgage call reports. (1) Each licensee shall submit to the NMLS reports of condition, which must be in the form and must contain information that the NMLS may require. (2) Each mortgage loan originator shall ensure that all residential mortgage loans that close as a result of the mortgage loan originator’s loan origination activities are included […]
32-9-152. Electronic record as original document
32-9-152. Electronic record as original document. Any document or record that is required to be signed and that is filed in this state as an electronic record through the NMLS and any other electronic record filed through the NMLS must be considered a valid original document upon reproduction to paper form by the department. History: En. Sec. […]
32-9-153. and 32-9-154 reserved
32-9-153 and 32-9-154 reserved.
32-9-155. Nationwide mortgage licensing system information challenge process
32-9-155. Nationwide mortgage licensing system information challenge process. The department shall establish a process under which mortgage brokers, mortgage lenders, mortgage servicers, and mortgage loan originators may challenge information entered into the NMLS by the department. (See part compiler’s comment regarding contingent suspension.) History: En. Sec. 30, Ch. 321, L. 2009; amd. Sec. 27, Ch. 125, L. […]
32-9-156. through 32-9-159 reserved
32-9-156 through 32-9-159 reserved.
32-9-160. Confidentiality
32-9-160. Confidentiality. (1) (a) Except as otherwise provided in section 1512 of the Secure and Fair Enforcement for Mortgage Licensing Act, Title V of the Housing and Economic Recovery Act of 2008, Public Law 110-289, the requirements under federal law, the Montana constitution, or Montana law regarding the privacy or confidentiality of any information or material provided […]