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Become A Mortgage Broker In Nevada
Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Nevada or anyone looking to become a mortgage broker in Nevada.
The Nevada Division of Mortgage Lending (MLD), http://mld.nv.gov, enforces the statutes and regulations that pertain to Mortgage Brokers. The legislation requiring a Mortgage Broker license became effective July 1, 2004. Anyone who conducts the business of a Mortgage Broker must maintain at least one office within the state.
Licensed Mortgage Brokers may hold a Mortgage Banker’s License, and a Licensed Mortgage Banker may hold a Mortgage Broker’s License in Nevada.
Applicants who desire to become a Mortgage Broker in Nevada pay a non-refundable $1,500 application fee. A Surety Bond is not required. After the application has been approved, the new Mortgage Broker pays a $1,000 license fee.
Applicants are not required to have any educational courses before applying, nor do they have to take any tests or exams. When renewing their license, Mortgage Brokers must complete at least 10 hours of approved continuing education courses during the year.
Items that need to accompany the application are a complete Personal History Record, a Personal Financial Questionnaire, Financial Statements (one dated within 3 months of the application plus the two prior years), a Child Support Statement, and two complete fingerprint cards. The Mortgage Licensing Division will conduct a background investigation on the applicant.
After becoming licensed as a Mortgage Broker in Nevada, the Mortgage Licensing Division must approve all proposed Internet web pages.
All internet-based mortgage brokers are required to be licensed in Nevada in order to transact business within the state. Only licensed Mortgage Brokers or Mortgage Bankers may accept application requests by Nevada residents when the applications are obtained via an Internet Site. Unlicensed companies actually conducting mortgage business in the state, or implying that they are able to conduct mortgage business through internet sites can be subject to fines not to exceed $10,000 per violation. An exemption may be made for a one-time, unsolicited occasional mortgage loan.
The Nevada Association of Mortgage Brokers (NVAMB), www.nvamb.org, is an affiliate of the National Association of Mortgage Brokers (NAMB), www.namb.org. The organizations are dedicated to improving the business of real estate finance and are an excellent resource for those who desire to become a Mortgage Broker in Nevada.
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