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How Much Does a Nevada Mortgage Broker Bond Cost?
The cost of a Nevada mortgage broker or mortgage company license bond is between $500 and $7,500. This is based on the required bond amount of $50,000 or $75,000. Rather than pay the full bond amount out of your pocket, however, you can purchase your bond from a surety company.
Our Nevada authorized surety bond company offers premium rates between 1% and 10%. The premium rate that you receive is determined by your business experience, liquid and fixed assets and credit scores.
For example, if your credit score is 700 or better, you will receive a rate of 1% to 3%. If your score is between 600 and 699, your rate will fall between 3% and 5%. If you have a lower credit score, your rate will be between 5% and 10%.
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Surety Bond Cost Based on Credit Score |
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|
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Nevada Mortgage Company License Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
Nevada Mortgage Company License Bond |
$75,000 |
$750 - $2,250 |
$2,250 - $3,750 |
$3,750 - $7,500 |
|
Nevada Mortgage Broker Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
Nevada Mortgage Broker Bond |
$75,000 |
$750 - $2,250 |
$2,250 - $3,750 |
$3,750 - $7,500 |
How to Get a Nevada Mortgage Company License Bond
1. Submit Your Application
Buying a Nevada mortgage broker bond, also known as a mortgage company license bond, is a simple process. To begin, fill out the short online application. Many bond programs are available, allowing us to provide bonds to more than 99% of applicants.
Patty recently contacted us to buy a mortgage company license bond for her new business in Reno. After spending only a few minutes applying online, Patty got an instant quote from us. She made the premium payment online and soon had the bond she needed to submit her license application.
2. Review Your Bond Quote
Most of our customers receive an instant quote from us after completing the bond application online. If you have a complex situation, we will deliver your no-obligation quote within 48 hours.
Our customers benefit from a no-stress bond experience. We are available to assist you and answer your questions about your quote.
3. Make Your Bond Premium Payment
The only step left after receiving your bond quote is paying the premium. With our online payment option, we allow you to finalize your bond purchase quickly. After we receive the payment, we will email your bond to you. We are also happy to mail the bond, if requested.
If you run into a challenge or have questions about your bond quote, our experienced bond professionals can help. Contact us or call us at (877) 514-5146.
Apply for a free no-obligations quote in your surety bond!
Mortgage Company License Bond Requirements in Nevada
Mortgage company licenses are maintained by the Nevada Division of Mortgage Lending. The National Multistate Licensing System (NMLS), however, processes applications for new licenses and renewals.
A license and surety bond are required for companies that act as a wholesale lender or that engage in the purchase or sale of mortgage loans. They are also required for those who invest in secured promissory notes and engage in securing loans. Legal requirements are established under NRS 645B.
When applying for a mortgage company license or a mortgage broker license in Nevada, a surety bond of $50,000 is required for those with loan volume of $20 million or more. For higher loan volume, a $75,000 bond is required.
Only electronic surety bonds are accepted. The surety bond must be uploaded into the NMLS portal. The bond premium must be paid annually to maintain the bond and meet the licensing requirements. We will be in touch as your premium payment due date approaches.
Learn more about how to get a mortgage broker license. For additional information, contact the Nevada Division of Mortgage Lending at (775) 684-7060.
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
