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Mortgage Bonds And Getting Your Nevada Business License/Registration
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:
- Complete and submit an application through the NMLS using Form MU-1.
- 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.
- 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.
- 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.