Nevada Mortgage Servicer Surety Bond

Mortgage servicers in Nevada that provide first mortgage servicing, third party first mortgage servicing and subordinate lien mortgage servicing are required by the Nevada Division of Mortgage Lending (also known as the MLD) to apply for a license through the National Mortgage Licensing System (NMLS) and file a Nevada mortgage servicer bond as a condition of licensure.

Surety Bond and License Requirements:

1. Applicants must complete the mortgage servicer application and pay the applicable NMLS, credit report, and fingerprint fees.
2. Provide audited financial statements that prove a net worth of $100,000.
3. Applicant direct owners, shareholders, qualified employees 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, a business plan, formation documents (if applicable), a management chart, an organizational chart, Certificate of Good Standing, a local business license, a copy of the qualifying persons resume and W-2, and disclosure statements (if applicable).
5. Obtain a $100,000 surety bond for mortgage servicing totals of less than $50,000,000.
   A $200,000 surety bond is required for mortgage servicing totals over $50,000,000 but less than $500,000,000.
   A $300,000 surety bond for mortgage servicing totals of $500,000,000 or more.
6. A surety bond is required for each license year and renews annually.

How Much Will This Bond Cost?

The premium that you pay for a Nevada Mortgage Servicer Surety Bond is dependent on credit, bond amount needed, and personal and business financials. Rates start as low as .75%. Contact our Surety Bond Specialists for a free quote that fits your specific needs.

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