How Much Do Nevada Mortgage Broker Bonds Cost?
The cost of mortgage broker or mortgage company bonds in Nevada is based on the bond amount required by the Nevada Division of Mortgage Lending and the qualifications of the applicant.
Mortgage companies with an annual loan production of $20,000,000 or less need a $50,000 bond, while applicants whose annual loan production exceeds $20,000,000 need a $75,000 bond.
Nevada mortgage license bonds are subject to surety underwriting to determine exact pricing. With excellent credit, you may qualify for a rate as low as 1–3% of the total bond amount. If poor credit adversely affects your rate, ask about premium financing options to lower the upfront cost.
What Is a Nevada Mortgage Broker Bond?
Nevada mortgage broker and exempt company registration bonds ensure that if consumers are wronged in the process of receiving a loan, they have a safeguard from unprofessional acts of business and can be compensated for financial losses.
Unethical acts covered by these bonds include, but are not limited to:
- Approving a borrower for a loan that they cannot possibly pay off
- Encouraging buyers to engage in fraud during the application process
- Pressuring buyers into high-risk loans with high interest rates
- Establishing an interest rate based on factors other than credit score
- Charging unnecessary fees
- Targeting at-risk buyers
We also issue bonds for mortgage servicers and covered service providers in Nevada.
How to Get a Mortgage Broker in Nevada
With SuretyBonds.com, you can get your Nevada mortgage broker bond in just three easy steps:
- Apply for your surety bond online.
- Receive a free quote within 1 business day.
- Checkout on our secure, online portal.
That’s it! We’ll file your official bond directly with the NMLS and provide an email copy for your records.
If you work as a mortgage professional in several states, we offer mortgage industry license bonds nationwide.
How Do Nevada Mortgage Broker Bonds Work?
If the principal violates the bond terms and a consumer is harmed as a result, the surety will pay for all damages up to the full bond amount. However, the principal is responsible for reimbursing the surety for any money it pays out to consumers.
These bonds remain active unless otherwise canceled by the surety or the principal. If either party decides to terminate the bond early, they must provide 60-days’ written notice to the Department of Financial Services.
How to Become a Mortgage Broker in Nevada
The process for becoming a licensed mortgage professional in Nevada depends on the type of license you are applying for.
To get a Nevada mortgage company license, you must:
- Submit an application form and appropriate fees to the Division through the NMLS
- Submit two fingerprint cards to the Division
- Authorize the Division to receive their credit report
- Meet the background requirements set forth in NRS 645B.020
- Submit a surety bond in the proper amount
- Demonstrate at least 2 years of verifiable experience in real estate or mortgage lending within the immediately preceding 5 years
- Designate a qualified employee
Find more specific application steps for the license type you need below:
