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How much does a mortgage broker bond cost in Nevada?
SuretyBonds.com offers Nevada mortgage broker bonds for different costs depending on each applicant’s credit report. The cost of this specific surety bond is also determined by the mortgage broker’s annual loan production and is subject to underwriting.
Do you need a surety bond for a Nevada mortgage banker license? Visit our mortgage banker page for more information about these bonds.
Why are mortgage brokers bonded?
Nevada mortgage broker surety bonds assure 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. Nevada mortgage broker bonds prevent the mortgage professional from doing the following:
- approving the 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 something other than the borrower’s credit score
- charging additional and unnecessary fees
- targeting at-risk buyers
What’s the fine print?
Nevada mortgage broker surety bonds will remain continuous unless otherwise canceled. The state requires at least 60 days notice from the surety if the bond is terminated.
When filling out the bond form, mortgage brokers must enter the city and state in which business will be conducted.
How to become a mortgage broker in Nevada
It is against the law in Nevada to own or be part of a business that is involved in borrowing money, approving loans and working directly with banks to access a consumer’s credit history without a proper license. To obtain a Nevada mortgage broker license, the applicant must:
- submit an application and appropriate fees to the Division through the Nationwide Mortgage Licensing System and Registry (NMLS) using the Company Form (MU-1 Form)
- 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 natural person to serve as the qualified employee for the applicant
Mortgage Industry Surety Bonds Available Nationwide
Many states have their own surety bond requirements for mortgage professionals. This means mortgage professionals who work in several states often have multiple surety bonds. Use the map below to learn more about mortgage bonds in other states.
Call 1 (800) 308-4358 to talk with a Surety Expert today.