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Nevada Mortgage Broker or Banker Bond

Nevada Mortgage Broker or Banker Bond

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Who Requires the Mortgage Broker or Banker Bond and Why Is It Needed?

The Nevada Division of Mortgage Lending requires surety bonds as part of the licensing process for mortgage brokers and mortgage bankers. The bond must be in an amount of $50,000 if the applicant arranges $20,000,000 or less in loans per year, or in the amount of $75,000 if the applicant arranges more than $20,000,000 in loans per year.

The bond guarantees that the bonded party will comply with the rules, regulations and guidelines established by the state. Typically, mortgage professionals will be required to apply for surety bonds in each state in which they operate and mortgage bond amounts and obligations vary by state. As a leading mortgage bond provider, Surety Bonds Direct is here to help you through this process.

How Much Will My Surety Bond Cost?

Take 2 minutes to provide the basic information required to get the best rates for your Nevada Mortgage Broker or Banker Bond. The quote request is free and there is no obligation to you. If you prefer, please call 1‐800‐608‐9950 to speak with one of our friendly bond experts. We can help guide you through the bonding process and identify the lowest cost in the market for your situation.

If you are interested in spreading out the cost of your bond over time, we can offer convenient financing plans for many types of surety bonds. More information will be provided with your quote.

What is Needed to Obtain My License?

Applicants must take the following steps in order to secure a Nevada residential mortgage broker license under NRS 645B or a Nevada mortgage banker license under NRS 645E:

  1. Complete and submit an application through the NMLS using Form MU-1.
  2. Furnish a surety bond in an amount of $50,000, if the applicant arranges $20,000,000 or less in loans per year, or in the amount of $75,000.00 if the applicant arranges over $20,000,000 in loans per year.
  3. All owners and control persons must submit to a personal background investigation including fingerprint cards, a personal credit report through the NMLS and a child support statement.
  4. Designate an individual to serve as the applicant’s qualified employee for each Nevada office.

Who Must Be Licensed as a Mortgage Broker?

Any non-exempt person who acts as a mortgage broker must be licensed. Nevada law defines a “mortgage broker” as any person who, directly or indirectly, engages in any of the following activities:

  • Holds himself or herself out for hire to serve as an agent for any person in an attempt to obtain a loan which will be secured by a lien on real property.
  • Holds himself or herself out for hire to serve as an agent for any person who has money to lend, if the loan is or will be secured by a lien on real property.
  • Holds himself or herself out as being able to make loans secured by liens on real property.
  • Holds himself or herself out as being able to buy or sell notes secured by liens on real property.
  • Offers for sale in this State any security which is exempt from registration under state or federal law and purports to make investments in promissory notes secured by liens on real property.
  • Information concerning specific exemptions and requirements to obtain a certification of exemption may be found in NRS 645B.015 and NRS 645B.016.

Who Must Be Licensed as a Mortgage Banker?

Any person who acts as a mortgage banker must be licensed. Nevada law defines a “mortgage banker” as any person who, directly or indirectly, engages in any of the following activities:

  • Holds himself or herself out as being able to buy or sell notes secured by liens on real property.
  • Holds himself or herself out as being able to make loans secured by liens on real property using his or her own money.
  • Negotiates, originates or makes offers to negotiate, originate or make commercial mortgage loans as an agent for or on behalf of an institutional investor.
  • Information concerning specific exemptions and requirements to obtain a certification of exemption may be found in NRS 645E.150 and NRS 645E.160.




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