If you are a Mortgage Broker in Nevada, you are required to apply for a license through the National Mortgage Licensing System (NMLS) and file a Nevada Mortgage Broker Bond as a condition of licensure.
License requirements are as follows:
Applicants that do not maintain trust accounts must have a minimum net worth based on the monthly balance of accounts: $100,000 or less a minimum net worth of $25,000, more than $100,000 but less than $250,000 a minimum net worth of $50,000, more than $250,000 but less than $500,000 a minimum net worth of $100,000, more than $500,000 but less than $1,000,000 a minimum net worth of $200,000 and accounts over $1,000,000 require a $250,000 net worth.
Applicants must be able to pass a background and credit check and have 5 years experience prior to application and at least 2 years experience in lending money for real estate.
Applicants must complete the application and pay the applicable NMLS, credit report, and fingerprint fees.
Additional required documents: copies of financial statements, a business plan, formation documents (if applicable), a managment chart, an organizational chart, a copy of the State Business License and Secretary of State filing, local business license, a copy of the office lease, and disclosure statements (if applicable).
Obtain a $50,000 surety bond for annual loan totals $20,000,000 or less. A $75,000 bond is required for annual loan totals over $20,000,000.
Premium for a Nevada Mortgage Broker bond is dependent on credit, bond amount needed, and personal and business financials.
We have been underwriting surety bonds for over 35 years, and we offer bonds for individuals and businesses of every size.
Our team of experienced surety specialists and in-house underwriting authority gives us a unique advantage over other surety companies. We are able to offer competitive, low rates, quick approvals and immediate bond delivery. In most cases we can approve your application today and deliver your bond tomorrow.
Hours: 8:00-5:00 CST, Monday through Friday