Mortgage Servicers and Supplemental Mortgage Servicers - NRS 645F
Who is required to be licensed as a Mortgage Servicer or Supplemental Mortgage Servicer under NRS 645F?
person who wishes to engage in any activity meeting the statutory definition of
“mortgage servicer” or the regulatory definition of “supplemental mortgage servicer” with respect to residential property is required to first obtain a
license as a mortgage servicer or supplemental mortgage servicer under NRS
645F, unless the person is exempt from licensure under NRS 645F.500. (external link)
Mortgage Servicer Definition:
1. A person, whether acting as the current owner of the promissory note or as the authorized agent of the current owner of a promissory note, who:
- a. directly services a mortgage loan secured by real property located in Nevada; or
- b. is responsible for interacting with a borrower or managing a Nevada mortgage loan account on a daily basis (e.g., collecting a crediting periodic loan payments, managing any escrow account, or enforcing the note and security instrument.
2. A person providing the above services by contract as a sub-servicing agent to a master servicer by contract.
(NRS 645F.063) (external link)
Supplemental Mortgage Servicer Definition:
A supplemental mortgage servicer license is required for any person that is currently licensed as a mortgage broker or mortgage banker under NRS 645B or NRS 645E ("qualifying license") and is acting as or providing any of the following services in relation to one or more mortgage loans that the person did not make or arrange under their qualifying license (i.e., servicing third party mortgage loans):
- directly services a mortgage loan that is secured by real property located in Nevada; or
- is responsible for interacting with a borrower or managing a Nevada Mortgage loan account on a daily basis (e.g., collecting and crediting periodic loan payments, managing any escrow account), or enforcing the note and security instrument; or
- provides the above services by contract as a sub-servicing agent to a master servicer by contract.
(NAC 645F-952) (external link)
How to Obtain or Renew a License
initial license and renewal applications and applicable fees for mortgage
servicers and supplemental mortgage servicers 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.
Once You Have Obtained a License
Amendments to License
PLEASE REMEMBER TO VISIT MLD UPDATES FOR IMPORTANT INDUSTRY NEWS, INFORMATION AND REMINDERS.