FAQ - Wholesale Lenders under NRS 645B

Wholesale Lenders under NRS 645B

1. Who is a wholesale lender under NRS 645B?

The term “wholesale lender” is included in the definition of a mortgage broker per NRS 645B.0127(2). (external link)

In addition, the definition of a wholesale lender is specified in NRS 645B.01356. (external link)

A wholesale lender is a person who holds himself or herself out:

• For hire to serve as an agent for any person who has money to lend, if the loan is or will be secured by a lien on real property;

• As being able to make loans secured by liens on real property; or

• As being able to buy or sell notes secured by liens on real property.

A wholesale lender does not directly:

• Take or receive an application from a borrower for a loan which will be secured by a lien on real property; or

• Negotiate any terms with a borrower relating to a loan which will be secured by a lien on real property.

2. Are wholesale lenders under NRS 645B required to obtain a mortgage broker license in Nevada?

Yes. Any person who directly or indirectly engages in the activities defined under NRS 645B.01356 “wholesale lender” is required to obtain a mortgage broker license.

3. Does Nevada have a "brick and mortar" requirement to obtain a license as a mortgage broker if the mortgage broker only acts as a wholesale lender?

A mortgage broker is not required to have a licensed location in Nevada if he or she fits the definition of a wholesale lender per NRS 645B.01356 and does not directly: