A Nevada Mortgage Banker Bond is a type of surety bond required by the Nevada Division of Mortgage Lending (DML) for all mortgage bankers operating in the state. The licensing is managed by the Nationwide Mortgage Licensing System (NMLS) and the surety bond is filed electronically with the NMLS. The bond protects consumers from financial losses caused by fraudulent or unethical business practices by mortgage bankers. The bond amount is $50,000 for annual loan totals of $20,000,000 or less, and $75,000 for annual loan totals over $20,000,000. 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.
A mortgage banker license is required for any person that directly or indirectly holds themselves out as being able to:
- Buy or sell notes secured by liens on real property; or
- Make loans secured by liens on real property using their own money; and
- Does not engage in any other act or transaction described in the definition of “mortgage broker,” as set forth in NRS 645B.0127, unless the person is also licensed as a mortgage broker pursuant to chapter 645B of NRS.
This means that mortgage bankers in Nevada are primarily responsible for originating and underwriting mortgage loans, while mortgage brokers are primarily responsible for finding and matching borrowers with lenders.
How to Get a Nevada Mortgage Banker 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. 2
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Nevada Mortgage Banker Bond will be filed electronically by Surety1 to the NMLS.
1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
2- Subject to underwriter approval, based on aggregate surety bond exposure, additional underwriting information may be required
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 and maintains an A+ rating by the Better Business Bureau.
Key differences between mortgage bankers and mortgage brokers in Nevada:
- Mortgage bankers typically have their own funding sources and can therefore offer a wider range of loan products and terms. They may also be able to offer lower interest rates than mortgage brokers.
- Mortgage brokers do not have their own funding sources and must therefore find lenders who are willing to originate loans to their borrowers.
Click here to visit our state by state guide to mortgage industry bonds