Who needs a Nevada Mortgage Broker Bond? All mortgage brokers are required to posses a Nevada Mortgage Brokers License if they wish to practice the profession in the state of Nevada. Mortgage brokers are those who do any of the following:
- Holds themselves 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 themselves 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 themselves out as being able to make loans secured by liens on real property;
- Holds themselves 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 themselves out as a wholesale lender.
What is the amount for the surety bond?
The bond amount depends on the annual Nevada loan production volume:
Loan Production Volume Bond Amount Required
$20,000,000 or less $50,000
More than $20,000,000 $75,000
The price for the bond, also known as the bond premium, is only a small fraction of the bond amount. The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct. Since this bond is continuous, it is in effect until canceled. If the bond is canceled, the obligee must be notified of the cancellation at least 60 days before the cancellation date.
Licensing Fees and Requirements:
- Surety bond
- 2 fingerprint cards submitted to the Division
- At least 2 years of verifiable experience in the field
- Background requirements
- Fees according to the fee schedule
- All licensing fees are required by the obligee, not the surety company
Where can I get a Nevada Mortgage Broker Bond?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
Surety1.com is a service of AssuredPartners , one of the nation’s largest and fastest growing insurance agencies. Since 2003, Surety1 has been here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.
Click here to visit our state by state guide to mortgage industry bonds