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NEVADA The Nevada Division of Mortgage Financing will begin accepting electronic surety bonds for the brand-new state Home loan Business License through the Nationwide Multistate Licensing System (NMLS) starting Jan. 1, 2020. Anybody planning to restore their Nevada license as a home loan broker and/or home mortgage lender, needs one renewal as a home loan business, according to the department.

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The renewal season for these licensees began Nov. 1. The old surety bond requirements for mortgage broker and home loan lender licenses were identical. These requirements will stay the exact same under the home loan business license, according to the modifications. Each home loan company must get a corporate surety bond in the quantity figured out by the business'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.

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Both license types have the same bonding requirements, which differ by yearly home loan maintenance 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 Department of Home Loan Loaning can be called by phone at 702-486-0782 by email at for additional assistance regarding state particular licensing requirements.

The Ultimate Guide To Nevada Division of Mortgage Lending Model Forms (Cx12913

You can call 800-901-3099 or send an e-mail through the contact us page. We are here to address your questions and help you totally comprehend surety bonds whether you select to bond with us.