Nevada Mortgage Banker Surety Bonds
Mortgage Bankers in Nevada that make loans secured by a lien for himself or buys and sells real property notes that are held by a lien, or is a wholesale lender, or negotiates commercial loans for investors are required to apply for a license through the National Mortgage Licensing System (NMLS) and file a Nevada Mortgage Banker Bond as a condition of licensure.
Surety Bond and License Requirements:
- Applicants must complete the mortgage banker application and pay the applicable credit report, NMLS and fingerprint fees.
- The applicant will need to have an in-state office located in Nevada (unless acting as a wholesale lender only). If the corporate office for the company is located outside of Nevada, a branch form will be required.
- Provide audited financial statements and meet the minimum net worth requirement.Applicant shareholders, qualified employees, direct owners and executive officers must be able to pass a background check. Direct owners will need to submit a credit report.
- Additional required documents include copies of financial statements, formation documents (if applicable), a management chart, an organizational chart, a business plan, a Certificate of Good Standing, a local business license, a copy of an office lease, and disclosure statements (if applicable).
- Obtain a $50,000 surety bond for an annual loan production total of less than $20,000,000.
A $75,000 surety bond is required for mortgage servicing totals over $20,000,000.
How Much Will This Bond Cost
The premium that you pay for a Nevada Mortgage Banker Surety Bond is dependent on credit and the bond amount needed. Bond amounts over $50,000 require personal and business financials.
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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