Nevada NMLS 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 by the Nevada Department of Business and Industry Division of Mortgage Lending (known as the MLD) 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:

1. Applicants must complete the mortgage banker application and pay the applicable credit report, NMLS and fingerprint fees.
2. 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.
3. 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.
4. 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).
5. 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. Premiums start at .75% of the bond amount with good credit. Bond amounts over $50,000 require personal and business financials. Our Surety Bond Specialists are ready to provide you with a free quote that fits your specific bonding needs.

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