Nevada Mortgage Servicer Bond
Cost of a Nevada Mortgage Servicer Bond
| Annual Mortgage Loan Servicing Volume | Bond Amount Required | Bond Term | Annual Premium |
| Less than $50,000,000 | $100,000 | 1 Year | $600 |
| $50,000,001-$500,000,000 | $200,000 | 1 Year | $1,200 |
| $500,000,000 or more | $300,000 | 1 Year | $1,800 |
Nevada mortgage servicers subject to NRS Chapter 645F and the Nevada Mortgage Servicer Regulations must maintain a corporate surety bond. The required amount is determined by annual mortgage loan servicing volume and ranges from $100,000 to $300,000.
How the Nevada Mortgage Servicer Bond Works
NAC 645F.970 requires each mortgage servicer to deposit the bond with the Commissioner and maintain it in full force and effect. The bond is payable to the State of Nevada, must be executed by a corporate surety satisfactory to the Commissioner, and names the mortgage servicer and its employees or agents as principals.
The bond generally involves three parties:
Principal: Nevada mortgage servicer and covered employees or agents
Obligee: State of Nevada / Commissioner of Mortgage Lending
Surety: Corporate surety satisfactory to the Commissioner
Learn about the surety bond claim process for general information about claims and principal reimbursement obligations.
Bond Cancellation and Continuous Coverage
Under NAC 645F.971, a surety may cancel the bond by giving 60 days' notice by certified mail to the Commissioner and the mortgage servicer. Unless an equivalent replacement bond is furnished before the effective cancellation date, the license is subject to summary suspension and revocation.
How to Get the Nevada Mortgage Servicer Bond
- Determine the company's annual Nevada mortgage loan servicing volume.
- Select the applicable $100,000, $200,000, or $300,000 bond amount.
- Complete the online bond application.
- Complete underwriting, pay the applicable premium, and obtain the required surety bond.
- Submit the bond through the applicable Nevada/NMLS licensing process and maintain continuous coverage.
Review Nevada Administrative Code Chapter 645F and the Nevada Division of Mortgage Lending mortgage servicer licensing information for current requirements.
Get Your Nevada Mortgage Servicer Bond
Start your Nevada Mortgage Servicer Bond application online. For assistance, call 855-215-2160.