Nevada Mortgage Broker License Requirements

Nevada Mortgage Licensing | Nevada Department of Business and Industry

Mortgage Broker and Banker | Mortgage Broker License

Physical In-State Office Required: Yes (Can be a residence, but must provide proof that lease or deed is in the name of the Qualified Employee)
Qualifying Individual: Yes, must be a Nevada resident and must provide proof of 2 years of mortgage experience in the last 5 years. Proof may consist of W-2 or 1099 forms, or letters from prior employers detailing the individual’s duties with the company and knowledge of state and federal law. The Qualifying Individual is also required to be licensed as a Nevada mortgage loan originator. Must be an exclusive employee.
Minimum Net Worth: $25,000 to $250,000
Surety Bond: $50,000 to $75,000 if loan volume over $20,000,000
Branch Licensing: Yes
Loan Originator Licensing: Yes
Comment: This license allows you to broker and banks loans in Nevada. Effective 7/1/2011, the Mortgage Broker License allows you to license offices inside and outside the state of Nevada. Prior to 7/1/2011, companies could only license offices inside the state of Nevada.

License Cost Breakdown - Estimated fees not including Regulatory Counsel Group Professional Service Fee:
$175 – Foreign Entity Fee
$125 – Foreign Corp Initial List of Officers Fee
$200 – State Business License Fee
$125 – Registered Agent Fee
$500 – Surety Bond Fee
$2,848 – Company License Fee
$294 – Qualified Individual LO License Fee
$199 – 10 hour State-Specific Education Course for Qualified Individual LO License App

Mortgage Banker | Mortgage Banker License

Physical In-State Office Required: Yes, must have a physical office in the state of Nevada. Can be a residence, but must provide proof that lease or deed is in the name of the Qualified Employee and cannot be in a gated community
Qualifying Individual: Yes, must be a Nevada resident and must provide proof of 2 years of mortgage experience in the last 5 years. Proof may consist of W-2 or 1099 forms, or letters from prior employers detailing the individual’s duties with the company and knowledge of state and federal law. The Qualifying Individual is also required to be licensed as a Nevada mortgage loan originator. Must be an exclusive employee
Minimum Net Worth: $25,000 to $250,000
Surety Bond: $50,000 to $75,000 if loan volume over $20,000,000
Branch Licensing: Yes
Loan Originator Licensing: Yes
Comment: Mortgage Banker License only allows you to bank loans. To broker loans, you must also hold a Mortgage Broker License. Effective 7/1/2011, this license type is basically obsolete since the broker license now allows companies to license out-of-state branches.

Mortgage Servicer | Loan Servicer Registration

Physical In-State Office Required: No
Qualifying Individual: No
Minimum Net Worth: No
Surety Bond: N/A
Branch Licensing: No
Loan Originator Licensing: No
Comment: Not a license, just a notification
License Cost Breakdown - Estimated fees not including Regulatory Counsel Group Professional Service Fee:
$0 – Notification Fee

Regulated by:
Nevada Department of Business and Industry
Division of Mortgage Lending
1830 College Parkway, Suite 100
Carson City, NV 89706
Brianna Wade - [email protected] - 775-684-7062
Amber Ruhberg - [email protected] - 775-684-7034
Angel Corum - [email protected] - 775.684.7059
Julie Jones, CPA - 702-486-0542 - [email protected]
Nancy Corbin, Deputy Commissioner - 702-486-0782 - [email protected]
James Westrin, Commissioner - 702-486-0782
(775) 684-7060
Fax: (775) 684-7061
http://www.mld.nv.gov/