In addition to Mortgage Bankers and Brokers, servicers in Nevada must also post a Mortgage Servicer License Bond.
- A person, whether acting as the current owner of the promissory note or as the authorized agent of the current owner of a promissory note, who: a. directly services a mortgage loan secured by real property located in Nevada; or b. is responsible for interacting with a borrower or managing a Nevada mortgage loan account on a daily basis (e.g., collecting and crediting periodic loan payments, managing any escrow account), or enforcing the note and security instrument.
- A person providing the above services by contract as a sub-servicing agent to a master servicer by contract.
Any person that conducts any of the activities described above must apply for and obtain a mortgage servicer license, unless the person is otherwise exempt under Chapter 645F of the Nevada Revised Statutes.
What is the bond amount?
The bond amount for the mortgage servicer license bond varies depending on the volume of mortgages that are serviced. The bond amounts are:
- Less than $50mm in servicing Volume, $100,000 bond.
- More than $50mm but less than $500mm, $200,000 Bond.
- $500mm or more, $300,000 bond.
The underwriting of this obligation is credit based and financial disclosure will be required to obtain the higher limit bonds. Surety1 represents more than a dozen surety companies to get you the bond you need at the best possible price. We are licensed nationwide to handle all of your bond needs.