Nevada Mortgage Company Surety Bonds
If you are a mortgage broker in Nevada, you are required by the Nevada Department of Business and Industry Division of Mortgage Lending (also known as MLD) to apply for a license through the National Mortgage Licensing System (NMLS) and file a Nevada Mortgage Company Surety Bond as a condition of licensure. The surety bond ensures compliance of state laws and honest and ethical business practices.
Surety Bond and License Requirements:
- Applicants must complete the mortgage broker application and pay the applicable fingerprint, NMLS, and credit report fees.
Applicants must be able to pass a background and credit check and have five years experience prior to application and at least two years experience in lending money for real estate.
- 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
Accounts over $1,000,000 require a $250,000 net worth.
- Obtain a $50,000 surety bond for annual loan totals $20,000,000 or less.
A $75,000 surety bond is required for annual loan totals over $20,000,000.
- Additional required documents: copies of financial statements, an organizational chart, a business plan, formation documents (if applicable), a management 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).
How Much Will This Bond Cost?
The premium that you pay for a Nevada Mortgage Company Surety Bond is dependent on credit, bond amount needed, and personal and business financials. Premiums start at .75% of the bond amount with good credit. Let our Surety Bond Specialists provide you with a free quote that fits your specific bonding needs.
Related Links:Nevada Mortgage Broker InformationNevada NMLS Mortgage Company License
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.
For a downloadable application