Mortgage Companies and Mortgage Loan Originators - NRS 645B
**NEW** Extended Provisional Guidance Memorandum - Temporarily Working from home
Questions about the change in Surety Bond Requirement?
In order to satisfy the change in surety bond requirement, please ask your surety bond provider to cancel the existing bond and reissue with Mortgage Company as the type instead of your current Mortgage Broker or Mortgage Banker. The deadline for this change is September 1, 2020.
Who is required to be licensed as a Mortgage Company under NRS 645B?
Any person who wishes to engage in an activity meeting the statutory definition of “mortgage company” with respect to residential or commercial property is required to first obtain a license as a mortgage company under NRS 645B.
The Division requires anyone who is engaging in the activities of NRS 645B.0127 including Lead Generators to be licensed by the Division.
If under NRS 645B.016 a person holds a certificate of exemption, that person is exempt from licensing as a mortgage company per NRS 645B.015.
(NRS 645B.0127) (NRS 645B.015) (NRS 645B.016)
How to Obtain or Renew a License
Residential Mortgage Companies
All initial license and renewal applications and applicable fees for residential mortgage companies are submitted to the Division through the Nationwide Multistate Licensing System and Registry (NMLS)
using the Company Form (MU-1 Form)
for the principal office and the Branch Form (MU-3 Form)
for each branch location. Nevada law requires each licensed mortgage company to have at least one licensed office located in this state.
Additional Information concerning the requirements to obtain a residential mortgage company license and application materials may be obtained by reviewing the NMLS Company License Description.
Commercial Mortgage Companies
A mortgage company that conducts only commercial mortgage activity may submit its application for licensure or renewal and applicable fees directly to the Division. The application and further instruction may be obtained by contacting the Division.
Mortgage Loan Originators
All initial license, renewal applications, and applicable fees for residential mortgage loan originators are submitted to the Division through the Nationwide Multistate Licensing System and Registry (“NMLS”) using the Individual Form).
Initial license, renewal applications, and applicable fees for commercial only mortgage loan originators are submitted directly to the Division. Pre-licensing education is obtained through the NMLS; continuing education is obtained directly through Division approved education providers or through NMLS approved education providers.
Once You Have Obtained a License
A mortgage company is required to submit a Monthly Activity Report (MAR) of the company's activity on a form approved by the Commissioner. The Division has provided instructions for completing the report and the report form.
Amendments to License
Not in NMLS (Commercial only - submit to Division Carson City Licensing Office)
Other Forms and Nevada Specific Disclosures
Advertising Information for Companies that have been licensed for less than 12 months
Companies that have been licensed for less than 12 months must submit advertising using the Advertisement Submission Form.
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