Nevada Mortgage Servicer Bonds

If you want to obtain a Nevada mortgage servicer license in order to work legally in the state, you have to post a surety bond in an amount between $100,000 and $300,000. The bond guarantees you will follow your obligations under the Nevada Administrative Code, Chapter 645F, and any other applicable laws.

The licensing authority is the Division of Mortgage Lending at the state Department of Business and Industry. As for many other professionals in the financial industry, the Nationwide Multistate Licensing System & Registry (NMLS) handles the actual licensing process.

The surety bond cost that you have to pay is determined on the basis of the bond amount that is needed for the licensing. For Nevada mortgage servicers, the amounts are the following:

• $100,000 for annual mortgage servicing volume below $50 million

• $200,000 for volume between $50 million and $500 million

• $300,000 for volume above $500 million

Your bond premium represents a small percentage of the amount that you have to post. It is set on the basis of your personal and business finances. These include your personal credit score, company paperwork, and fixed and liquid assets. Your surety assesses their strength and thus measures the bonding risk. If your finances are stable, you can expect rates between 0.5% and 5%.

While it is difficult to obtain a surety bond with financial problems, Lance Surety Bonds' Bad Credit Surety Bonds program offers an option. It is designed for applicants facing issues such as low credit scores, tax liens, bankruptcies, and civil judgments.

The rates are slightly higher, in the range of 5% to 10%, since the bonding risk is increased. Due to our excellent partnerships with a list of A-rated, T-listed surety companies, however, you can still get a great bonding rate with us.

Do you have any further questions? Don't miss our in-depth guide about bonding on the How to Get Bonded page.

If you need help with your application or have queries, you can call us at (877) 514-5146.

The purpose of your Nevada mortgage servicer bond is to protect your customers. If you transgress from your legal obligations and this causes damage to them, they can file a claim against your surety bond.

On proven claims, the maximum compensation that can be sought is the bond amount that you have posted. Your surety may step in to cover the costs initially. However, the bond indemnity agreement defines that you have to repay them in full. Thus, it is best to avoid situations that can give rise to claims.