The Nevada Covered Service Providers Bond is a licensing requirement for foreclosure or loan modification consultants applying for a covered service providers license with the Nevada Division of Mortgage Lending. Better known as the MLD, the Division of Mortgage Lending requires covered service providers to file a $75,000 or $100,000 surety bond to protect the constituents of Nevada from violations of Nevada mortgage related license law (NRS Chapter 645F).
While there are only a handful of licensed covered service providers in Nevada, that didn’t stop our team at Jet from taking a deep dive into the bond so we can offer you the best rates and most efficient service. Jet cuts out the middleman to save you time and money so you can get back to providing valuable consulting services to Nevada homeowners.
Jet’s price on the $75,000 Nevada Covered Service Provider Bond starts at just $56 monthly, or $563 if you pay for a year up front. Applicants with good credit and some experience will receive the best rates.
|Avg. Trust Balance||Bond Amount||Monthly||Annual|
|$50k or less||$75,000||$56||$563|
|Greater than $50k||$100,000||$75||$750|
Subscribe to monthly payments with Jet for hassle free surety coverage. As long as you continue to pay your bill, we’ll keep your bond active as long as you need your license. Simple.
The Nevada Division of Mortgage Lending (MLD) regulates foreclosure and loan modification consultants in accordance with Nevada license law defined in NRS Chapter 645F. The Nevada Covered Service Providers bond gives the Commissioner of the MLD a financial tool to pursue any violations of the law. When a covered service provider runs afoul of the regulations, the surety bond may be used to compensate the public. However, licensees should be aware that any claims against a surety bond must be repaid by the covered service provider as required by law.
Jet makes getting your Nevada Covered Services Provider bond easy. Click the button above to view your quote. The application takes about 2 minutes to complete. We’ll ask for your business information and we’ll need to check your credit to determine the rate. The credit check is a “soft hit”, meaning it will not affect your credit in any way.
You’ll receive your quote in just a few seconds along with a monthly subscription option. You can be in and out of the app, along with a copy of your bond in hand, in less than 5 minutes.
Jet underwriters stand ready to answer your questions. Give us a call (855) 296-2663 or click the chat button to speak to a live insurance underwriter.
The Nevada MLD requires that the original surety bond be filed by mail to the Carson City address. Below is the process for receiving and filing your bond:
State of Nevada Division of Mortgage Lending
1830 College Parkway, Ste 100
Carson City, NV 89706
One of these days, Jet’s hoping to convince the Nevada MLD to accept electronic documents. Until that day, we’ll work with you to make sure your bond gets filed appropriately, no matter how inconvenient the old pony express makes the process.
Yes, Jet makes cancelling your bond easy. Just let us know with a call, email or chat, and we will get your bond cancelled and refund you any unused portion of your premium payment. If you pay monthly, we’ll just stop the payments.
The Nevada Division of Mortgage Lending does require us to mail a cancellation notice to them providing at least 60 days notice. As soon as you request cancellation, we’ll get the notice out and calculate your refund.
Jet’s cancellation process may just seem like good sound business practices, but many of our “competitors” take a different approach by creating hassles, charging fees, and even refusing to refund your money.
Jet makes renewing the Nevada Covered Service Providers Bond easy. If you subscribe to our monthly option, there is no such thing as a renewal! Your bond stays active indefinitely as long as you make your automatic monthly payment and nothing materially changes in your credit report.
For Jet customers that pay up front, we will email and mail you renewal notices when your bond is coming due. Simply pay the renewal premium and your bond stays active.
To avoid bond claims on your Nevada Covered Service Provider bond, it is important to understand the purpose of the bond. The bond provides financial compensation to the state and Nevada constituents if foreclosure or loan modification consultants break the licensing law (NRS Chapter 645F). Licensing law is intended to protect consumers from unethical practices, so in general, claims should easily be avoided if consultants follow the rules. The most common violations that can create claims include the following:
The Commissioner may make a ruling regarding violations of license law and/or customer complaints and charge up to a $25,000 administrative penalty after providing notice or conducting a hearing with the licensee.
Jet’s team will do everything in our power to defend you against claims. Our defense will depend on who submits the claim, and if the claim is covered by the bond.
For claims submitted by the Commissioner of the MLD, or from a court of law, Jet has no option but to pay the claim within 30 days. Jet will reach out to you and advise you to attempt to resolve any issues before we make payment, which will save your business money. If a customer submits a claim directly to Jet, we will investigate the claim thoroughly and request your cooperation so we can mount a proper defense.
If the claim is valid and we have exhausted all reasonable defenses, we will pay the claim amount up to the bond amount. Unfortunately, your business will still be responsible for paying back Jet for these claim payments. However, if you work with us and pay us back, we will restore your bond and get you back in business.
Not specifically, but Nevada has some other license types related to debt management that might overlap with covered service providers.