Montana Code 32-9-202. Applicability — exclusions
32-9-202. Applicability — exclusions. (1) This part is applicable to covered institutions. For entities within a holding company or affiliated group of companies, applicability is at the covered institution level.
Terms Used In Montana Code 32-9-202
- Covered institution: means a nonbank servicer:
(a)with servicing portfolios of 2,000 or more 1- to 4-unit residential mortgage loans serviced or subserviced for others, excluding whole loans owned, and loans being interim serviced prior to sale as of the most recent calendar year end, reported in the NMLS mortgage call report; and
(b)that operates in two or more states, districts, or territories of the United States either currently or as of the prior calendar year end. See Montana Code 32-9-201
- Department: means the department of administration provided for in 2-15-1001, acting through its division of banking and financial institutions. See Montana Code 32-9-201
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Reverse mortgage: means a loan collateralized by real estate, typically made to borrowers over 55 years of age, that does not require contractual monthly payments and is typically repaid upon the death of the borrower through the sale of the home or refinance by the heirs. See Montana Code 32-9-201
- Servicer: means the entity performing the routine administration of residential mortgage loans on behalf of the owner or owners of the related mortgages under the terms of a servicing contract. See Montana Code 32-9-201
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)The following exclusions apply:
(a)This part does not apply to not-for-profit servicers or housing finance agencies.
(b)Section 32-9-206 does not apply to servicers solely owning or conducting reverse mortgage servicing, or the reverse mortgage portfolio administered by covered institutions or the whole loan portion of portfolios.
(c)A servicer with 25 or fewer loans, a servicer that is wholly owned and controlled by one or more depository institutions regulated by a state or federal banking agency, or a servicer that is also licensed as an escrow business may apply to the department to waive or adjust one or more of the financial condition requirements in 32-9-206. In considering such a request, the department shall consider whether the servicer has a positive net worth and adequate operating reserves.