Nevada Mortgage Banker Bond

Nevada Mortgage Banker Bond

The State of Nevada requires mortgage bankers to be registered with the Division of Mortgage Lending. Mortgage bankers who have received a Certificate of Exemption must also file a custom Mortgage Banker Bond with the Division.

QUOTE

Jet Insurance Company provides the Mortgage Banker Bond as an assurance to the Nevada Division of Mortgage Lending that the banker will follow and uphold all licensing requirements and banking regulations. In cases where the banker commits a violation that causes financial damages to a client, the surety bond will act as restitution for all losses incurred by the claimant. 

How Is the Bond Limit Determined? What Is the Price of the Nevada Mortgage Banker Bond?

The custom bond limit for the Mortgage Banker Bond is determined by the Commission of Mortgage Lending and is based on the amount of the banker’s annual loan production. Under $20mil loan production needs a $50,000 bond while over requires a $75,000.

Jet’s prices for the Nevada Mortgage Banker Bond are a small percentage of the bond limit and based on the personal credit score of the banker. Applicants seeking a $50,000 bond limit can pay as low as $250 a year or take advantage of monthly payments at $25. Take a look at the chart below for additional custom bond limits and our preferred tier rates. 

Bond LimitMonthlyCost
$50,000$25$250
$75,000$38$375
Nevada Mortgage Banker Bond Rates

Jet is a direct surety company which means you won’t have to deal with middlemen agents or brokers who elongate the process and drive up prices. All you need to do is click the apply button above, submit your application, and you'll get an approved rate in just minutes. 

What Is a Certificate of Exemption?

The Nevada Division of Mortgage Lending no longer issues specific licenses to mortgage brokers and/or mortgage bankers; they are now put into the category of a “mortgage company”. However, bankers would not apply for a mortgage company license, they would apply for a Certificate of Exemption which is for anyone who is legally doing business related to banks, savings banks, trust companies, savings and loan associations, credit unions, industrial loan companies, thrift companies, or insurance companies. The certificate basically acts as a license and is required for an individual to operate as a mortgage banker in the State of Nevada. In order to be in compliance with the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), licensees that sponsor a mortgage loan originator (MLO) in the State of Nevada must acquire the Mortgage Banker Bond. Further details can be found on the Nevada Exempt Company Registration webpage.

The Nevada Mortgage Banker Bond Process With Jet

Our application for the Mortgage Banker Bond can be found directly on our website so you can complete it whenever and wherever you want! Some general information we at Jet will need includes your contact details, required bond limit, and social security number. We run a soft credit check to get you an approved rate (this won’t affect your score). You’ll receive approved rate options once you have submitted all your info and an underwriter has conducted a quick review. All you need to do is fulfill payment and you’ll receive a copy of your bond and receipt instantly. It’s that easy!

The Nevada Division of Mortgage Lending utilizes the Nationwide Multistate Licensing System and Registry (NMLS) for the administration of licenses and the filing of surety bonds.

Once you have purchased your Mortgage Banker Bond with Jet, it must be uploaded to the NMLS. To do this, you must grant us permission to act as your surety company (Jet Insurance Company NAIC #16379) so that we may file your bond for you; further instructions can be found on the Electronic Surety Bond for Licensees page. Once the bond is on file, you can contact us at any time to make any necessary changes. Take a look at our graphic below for an outline of the NMLS bond filing process.

Click to View Full Image

For further licensing information and application details, you can find these resources on the NMLS State Licensing Requirements webpage.

Jet offers monthly payment plans for our surety bonds so if you have enrolled in such you won’t have to worry about renewing your bond! Your bond will remain active as long as payments are made. If you paid for your Mortgage Banker Bond in full and upfront, Jet will send you a renewal invoice prior to your bond term expiration date. Just fulfill payment and your bond will remain active with the Division of Mortgage Lending for another term.

If you need to cancel your bond for whatever reason, you can do so by sending a written cancellation request to us at [email protected]. Once we have received your message, Jet will send a termination notice to the Commissioner of Mortgage Lending. The Mortgage Banker Bond will then be officially cancelled and released of liability within 60 days of notice.

As for subscribers to our monthly plan, you will be charged for the 60-day liability period, because your bond is technically still active. Your account with Jet will immediately cease once the cancellation period has ended. Those who paid in full and choose to cancel early may receive a refund. Jet will review your bond term for any unused premium and if any is available, you will receive a reimbursement for such.

How Does a Nevada Mortgage Banker Avoid Surety Bond Claims?

Mortgage bankers are expected to follow all rules and regulations stated in Chapters 645B and 645E of the Nevada Revised Statutes as it applies to the obligations of their license (Certificate of Exemption). Failure to do so can cause the Nevada Division of Mortgage Lending to suspend or permanently revoke your license, as well as charge you large fines. Damaged clients may also pursue civil action which can lead to a bond claim. 

Acts of dishonesty, misrepresentation, concealment of material facts, and fraud are license violations and are subject to a bond claim. For example, buying or selling a lien on a property without the client’s permission is a violation and if the client faces financial damages due to this transgression, they may pursue civil action against the banker. If the judge rules in favor of the claimant, the licensee’s Mortgage Banker Bond will be tapped to cover losses incurred by the damaged party. 

If you receive a court-ordered claim notice, call up Jet right away! We are given 30 days to verify the claim and make the payment if the claim is found to be valid. We’ll also ask that you provide us with all available documentation and information of the accused violation for our own review of the claim.

Per the Mortgage Banker Bond form, Jet is legally obligated to payout justified bond claims, not to exceed the bond amount. You, the mortgage banker, are responsible for your own actions and are required to reimburse Jet for the claim payout made on your behalf. An omission to fulfill this obligation will lead to future difficulties in securing a surety bond in the State of Nevada, which is typically required to legally work in the mortgage industry. 

If you are in need of further details on the mortgage industry, licensure processes in multiple states, and applicable surety bond regulations, take a look at Jet’s comprehensive Mortgage License Bonds Guide.

Nevada Mortgage Banker Bond Form

Notary Bond Application:

X

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

X

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

X

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: