Nevada Mortgage Licensing


 

Mortgage Broker and Banker

Mortgage Broker License

Physical In-State Office Required: Yes (Must be a commercial location in NV or can be the residence of the owner of the company if they live in NV and are the NV QE.  If using residence of owner, then must provide proof that lease or deed is in the name of the Owner and cannot be in a gated community). Wholesale Lenders are exempt from in-state office requirement.
Qualifying Individual: Yes, must be a Nevada resident and be licensed as a Nevada mortgage loan originator. Must be an exclusive employee. Wholesale Lenders are exempt from the Nevada resident requirement.
Minimum Net Worth: CPA Compiled – Positive Net Worth
Surety Bond: $50,000 to $75,000 if loan volume over $20,000,000
Comment: This license allows you to broker and banks loans in Nevada. Effective 7/1/2011, the Mortgage Broker License allows you to license offices inside and outside the state of Nevada. Prior to 7/1/2011, companies could only license offices inside the state of Nevada.

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$175 – Foreign Entity Fee
$125 – Foreign Corp Initial List of Officers Fee
$200 – State Business License Fee
$125 – Registered Agent Fee
$500 – Surety Bond Fee
$2,848 – Company License Fee
$294 – Qualified Individual LO License Fee
$199 – 10 hour State-Specific Education Course for Qualified Individual LO License App


 

 

Mortgage Banker

Mortgage Banker License

Physical In-State Office Required: Yes (Must be a commercial location in NV or can be the residence of the owner of the company if they live in NV and are the NV QE.  If using residence of owner, then must provide proof that lease or deed is in the name of the Owner and cannot be in a gated community). Wholesale Lenders are exempt from in-state office requirement.
Qualifying Individual: Yes, must be a Nevada resident and be licensed as a Nevada mortgage loan originator. Must be an exclusive employee. Wholesale Lenders are exempt from the Nevada resident requirement.
Minimum Net Worth: CPA Compiled – Positive Net Worth
Surety Bond: $50,000 to $75,000 if loan volume over $20,000,000
Branch Licensing: Yes
Loan Originator Licensing: Yes
Comment: Mortgage Banker License only allows you to bank loans. To broker loans, you must also hold a Mortgage Broker License. Effective 7/1/2011, this license type is basically obsolete since the broker license now allows companies to license out-of-state branches.


 

 

Mortgage Servicer

Loan Servicer Registration

Physical In-State Office Required: No
Qualifying Individual: No
Minimum Net Worth: No
Surety Bond: N/A
Comment: Not a license, just a notification. However, new Mortgage Servicer License requirement coming out in 2016.

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$0 – Notification Fee


 

 

Regulated by:

Department of Business and Industry

Division of Mortgage Lending

1830 College Parkway, Suite 100
Carson City, NV 89706

Commissioner | James Westrin | 702-486-0782

Deputy Commissioner | Nancy Corbin | njcorbin@mld.nv.gov | 702-486-0782

CPA | Julie Jones | jmjones@mld.nv.gov | 702-486-0542

Brianna Wade | bwade@mld.nv.gov | 775-684-7062
Amber Ruhberg | aruhberg@business.nv.gov | 775-684-7034
Angel Corum | acorum@mld.nv.gov | 775.684.7059

Phone: 775-684-7060
Fax: 775-684-7061