New Nevada mortgage company license, bond rules soon go into effect

NEVADA — The Nevada Division of Mortgage Lending will begin accepting electronic surety bonds for the new state Mortgage Company License through the Nationwide Multistate Licensing System (NMLS) starting Jan. 1, 2020.

Anyone planning to renew their Nevada license as a mortgage broker and/or mortgage banker, needs one renewal as a mortgage company, according to the division. Legislators passed amendments to NRS 645B in 2017, creating the mortgage company license effective the beginning of 2020. The renewal season for these licensees started Nov. 1.

The old surety bond requirements for mortgage broker and mortgage banker licenses were identical. These requirements will remain the same under the mortgage company license, according to the amendments. Each mortgage company must obtain a corporate surety bond in the amount determined by the company’s annual loan production:

  • $20,000,000 or less in volume = $50,000
  • More than $20,000,000 in volume = $75,000

NMLS also manages several other license types for Nevada. It accepts electronic surety bonds for mortgage servicer licenses and supplemental mortgage servicer licenses. Both license types have the same bonding requirements, which vary by annual mortgage servicing volume:

  • Less than $50,000,000 in volume = $100,000 bond
  • $50,000,000 but less than $500,000,000 in volume = $200,000 bond
  • $500,000,000 or more in volume = $300,000

The Nevada Division of Mortgage Lending can be contacted by phone at 702-486-0782 by email at MLDinfo@mld.nv.gov for further assistance regarding state specific licensing requirements.

 

Alpha Surety & Insurance Brokerage will be happy to answer any questions regarding the Nevada Mortgage Company License Surety Bond or any surety bond questions in general. You can call 800-901-3099 or send an email through the contact us page. We are here to answer your questions and help you fully understand surety bonds whether or not you choose to bond with us.

 

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