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What Is the Bond Requirement for a Nevada Mortgage Servicer License?

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Mortgage Servicers in Nevada that provide first mortgage servicing, third party first mortgage servicing and subordinate lien mortgage servicing are required to apply for a license through the National Mortgage Licensing System (NMLS) and file a Nevada Mortgage Servicer Bond as a condition of licensure.

License requirements are as follows:

Applicants must complete the application and pay the applicable NMLS, credit report, and fingerprint fees.

Provide audited financial statements that prove a net worth of $100,000.

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.

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).

Obtain a $100,000 surety bond for mortgaging servicing totals of less than $50,000,000. A $200,000 bond is required for mortgage servicing totals over $50,000,000 but less than $500,000,000. A $300,000 bond for mortgaging servicing totals of $500,000 or more.

How Much Will This Bond Cost

The premium that you pay for a Nevada Mortgage Servicer Bond is dependent on credit, bond amount needed, and personal and business financials.

Have Questions?

Contact our Surety Bond Specialists at:

Phone: 1‑844‑432‑6637
Emailinfo@suretygroup.com
Fax:     404-351-3237
Hours: 8:00-5:00 CST, Monday through Friday



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