A crosslinkable waterborne dispersion of a hydroxy functional polydiene polymer composition which comprises: (a) 10 to 65% w of a hydroxy functional polydiene polymer, (b) 0.2 to 25% w of a compatible amino resin, (c) 0.1 to 10% w of a surfactant which is nonionic or anionic and has a volatile cation, and (d) the balance water. The invention also describes a water-continuous process and an inversion processes for making such dispersions.