Nevada Mortgage Broker/Brokerage Bond |
AmeriPro Surety Bonds | 844-589-9732
AmeriPro Surety Bonds provides information on becoming a Nevada mortgage broker/brokerage and the procedures to obtain the required surety bond.
We provide mortgage broker bonds both for first-time licensees and those who are renewing their Nevada mortgage license and who also need to renew their bond.
We encourage you to call us today. We will handle the filing of your bond for you. And, we’ll provide the best pricing available!
Nevada Mortgage Brokers
Nevada mortgage brokers or brokerages may be defined as persons or businesses which act as agents, or brokers, between those who seek a mortgage loan on a property which is secured by a lien.
They may also be referred to as persons who “broker” mortgages, by finding the most favorable terms and rates for a home buyer.
The same definition pertains to those who seek a mortgage loan on a commercial property.
Jurisdiction of Nevada Mortgage Brokers
Nevada mortgage brokers are answerable to the State of Nevada Department of Business and Lending, Division of Mortgage Lending .
Becoming Licensed as a Nevada Mortgage Broker
Applicants for a Nevada mortgage broker license must either be a “natural person”, (i.e. a real person); if they are a business, then they must designate a “natural person” as their official representative.
Additionally, the following are required to become a licensed mortgage broker in Nevada (this list is not necessarily all-encompassing):
- First time applicants will need to pass the qualifying exam. The application license is $2,600;
- Nevada mortgage brokerages must maintain a “brick and mortar” location within Nevada. An exception to this rule are those mortgage brokerages which are wholesale. These latter are not subject to this requirement;
- Nevada mortgage brokerages must have a “qualified employee” who is in good standing as a mortgage agent who supervisors the activity of the mortgage brokerage;
- Each person who is a “control” person must fill out MU1 ;
- All owners, executive officers, and shareholders who hold 10% or more of the mortgage brokerage company in Nevada, are required to submit to an FBI background check. The background check is conducted via fingerprinting and costs $36.25;
- Re-licensing applicants will need to provide financial statements. New applicants, who will not have a prior mortgage brokerage financial history, will need to provide a Statement of Financial Condition. This statement must also demonstrate the new applicant’s net worth;
- Each mortgage office branch will also need to be licensed;
Surety Bond Requirements for Nevada Mortgage Brokerages
Finally, each mortgage broker or brokerage will need to obtain a surety bond.
Once obtained, AmeriPro Surety Bonds will file the bond electronically on your behalf with the NMLS (Nationwide Mortgage Licensing System).
Nevada Broker/Brokerage Surety Bond Amount:
While you won’t pay anywhere near the face amount of the surety bond, surety bond amounts for Nevada mortgage brokers and brokerages are broken down as follows:
If the annual production is less than $20,000,000, the Nevada brokerage bond required is:
If the annual production is greater than $20,000,000, the Nevada brokerage bond required is:
Of note, the rules also state that the Commissioner will determine the surety bond required in individual cases.
Cost of the Nevada Brokerage Surety Bond
AmeriPro Surety Bonds will work to obtain the best available pricing along with the quickest turnaround time for your bond.
Bond premium amounts will be based on two criteria:
One, the amount of the bond required ($50,000 or $75,000);
The second, is the applicant’s credit score.
AmeriPro Surety Bonds
We also provide the same surety bonds services in all 50 states.
We welcome the opportunity to fulfill your surety bond needs.