A Nevada Mortgage Company License Bond is a type of surety bond required by the Nevada Division of Mortgage Lending for all Mortgage Lending Companies in the state. The license application and maintenance is managed by the Nationwide Mortgage Licensing System (NMLS) The amount of the required surety bond is based on the Loan Production Volume. If it is $20,000,000 or less a $50,000 surety bond is required. If it is
more than $20,000,000 a $75,000 bond is required. The cost of the surety bond is usually between 1% and 3% of the bond amount. Surety1 will shop its many markets to procure the right price at the right terms.
How to Get a Nevada Mortgage Company License Bond
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Nevada Mortgage Company License Bond will be uploaded to the NMLS by Surety1.
1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.
Who is required to have a Mortgage Company License ?
A mortgage company license is required for any person that, directly or indirectly, does any of the following:
- Holds himself or herself out for hire to serve as an agent for any person in an attempt to obtain a loan which will be secured by a lien on real property;
- Holds himself or herself out for hire to serve as an agent for any person who has money to lend, if the loan is or will be secured by a lien on real property;
- Holds himself or herself out as being able to make loans secured by liens on real property;
- Holds himself or herself out as being able to buy or sell notes secured by liens on real property;
- Offers for sale in this State any security which is exempt from registration under state or federal law and purports to make investments in promissory notes secured by liens on real property; or
- Holds himself or herself out as a wholesale lender.
A “wholesale lender” means any person that engages in activities (b), (c), or (d) above, but does not directly: (a) Take or receive an application from a borrower for a loan that will be secured by a lien on real property; or (b) Negotiate any terms with a borrower relating to a loan which will be secured by a lien on real property. Note: “Real Property” includes residential and commercial property.
Note: Any natural person who engages in any of the above activities on behalf of a mortgage company, including its officers, directors, shareholders, and qualified employees, must also obtain and maintain a mortgage loan originator license. There is no surety bond requirement to obtain a mortgage loan originator license.
To See the License Requirements and Apply for the Nevada Mortgage Company License, Click Here: Nevada Mortgage Company License Check list