In addition to Mortgage Bankers and Brokers, servicers in Nevada must also post a Nevada Mortgage Servicer License Bond. This is a type of surety bond required by the State of Nevada Division of Mortgage Lending. The Licensing is managed by the Nationwide Mortgage Licensing System (NMLS).
The bond amount for the Nevada 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 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 Servicer 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. 2
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Nevada mortgage servicer license bond will be Uploaded to the NMLS by Surety1.com.
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.
Who Needs This Surety Bond?
In the state of Nevada, a mortgage servicer license is required for:
- 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
- A Person 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. The Application is processed by the Nationwide Mortgage Licensing System (NMLS).