Nevada Mortgage Broker Bond

Nevada Mortgage Broker Bond

Nevada Mortgage Broker Bond


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What is an Nevada Mortgage Broker Bond? 

Nevada Mortgage Broker Bonds are required by Nevada’s Financial Institutions Division to obtain your Mortgage Broker license. The Nevada Mortgage Broker Bond amount is set at $50,000. A mortgage company license is required for any person that, directly or indirectly, does any of the following: (a) 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; (b) 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; (c) Holds himself or herself out as being able to make loans secured by liens on real property; (d) Holds himself or herself out as being able to buy or sell notes secured by liens on real property; (e) 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; or (f) Holds himself or herself out as a wholesale lender. A “wholesale lender” means any person that engages in activities (b), (c), or (d) above, but does not directly: (a) Take or receive an application from a borrower for a loan that will be secured by a lien on real property; or (b) Negotiate any terms with a borrower relating to a loan which will be secured by a lien on real property. Note: “Real Property” includes residential and commercial property. Note: Any natural person who engages in any of the above activities on behalf of a mortgage company, including its officers, directors, shareholders, and qualified employees, must also obtain and maintain a mortgage loan originator license. 


The State requires a Mortgage Broker bond for :  


For loan amounts $0 to $20,000,000 a surety bond of $50,000 is required. Any amount above $20,000,000 requires a $75,000 surety bond. 

 

Different parts of a bond:


 There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.


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You can buy your Nevada Mortgage Broker Bond (Apply) online immediately


Nevada Mortgage Broker Bond Information and Requirements:


For loan amounts $0 to $20,000,000 a surety bond of $50,000 is required. Any amount above $20,000,000 requires a $75,000 surety bond. 


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