Nevada Mortgage Company License Bond

Nevada Mortgage Company License Bond

Mortgage brokers in Nevada must purchase a Nevada Mortgage Company License Bond to obtain a license in the state. The Nevada Division of Mortgage Lending requires licensees to file a surety bond with the Nationwide Multistate Licensing System (NMLS) in the amount of $50,000 or $75,000 based on the annual loan production of the mortgage company. The purpose of the Mortgage Company Bond is to protect the mortgage-buying public from violations of mortgage licensing laws.

VIEW YOUR BOND PRICE

Jet is an insurance company providing bonds direct to mortgage companies, meaning we cut out the middlemen. We get your mortgage broker bond quote done fast and at a great price. Jet works with the NMLS to make sure your bond is filed properly and on time.

How Much Does a Nevada Mortgage Company License Bond Cost?

Jet’s price on this bond is only a small percentage of the bond amount. Our rates start as low as $375 for the $50,000 bond, or $563 for the $75,000 bond. Below is an example of our preferred tier pricing.

Annual Loan ProductionBond LimitMonthlyAnnual
Less than $20 million$50,000$38$375
More than $20 million$75,000$56$563
Nevada Mortgage Company Bond Cost

Pay monthly and cancel any time for as low as $38 a month. No questions asked and no fees! Rates are based on your personal credit and experience.

How Is the Bond Amount Determined?

The Nevada Division of Mortgage Lending sets the bond amount based on the mortgage company’s annual loan production. For companies doing less than $20 million the bond limit is set at $50,000 and for any production over that amount the bond limit is $75,000.

New companies can purchase the $50,000 bond amount and will be required to increase the bond amount if their loan production exceeds $20 million.

Do Mortgage Bankers Need This Bond?

No, mortgage bankers are excluded from the definition of “mortgage companies” for the purposes of licensing. However, mortgage bankers will need to apply for an Exempt Company Registration and file a Mortgage Banker Bond with the NMLS.

Why Do Mortgage Brokers Need the Mortgage Company License Bond?

The purpose of the Nevada Mortgage Company License bond is to provide financial compensation to the public if the mortgage company fails to adhere to licensing law. Violations of license law are not usually covered by other insurance products like errors and omissions insurance, so the bond provides protection to the mortgage-buying public for these often fraudulent or dishonest practices.

The Nevada Division of Mortgage Lending is tasked with regulating mortgage businesses in the state to ensure they follow the law outlined in NRS 645B. The surety bond is a tool used by the Division to enforce adherence to the law. 

Jet’s role as the insurance company is to provide the financial deep pockets to the Division if something goes wrong. However, ultimately, the mortgage company is responsible by law to reimburse the surety company for any losses.

How to Apply for the Nevada Mortgage Company License Bond With Jet

VIEW YOUR BOND PRICE

To get started, click the View Your Price button above. Jet’s application can be completed in a few clicks. We will need your basic business information along with the owner’s information. We’ll need to check your credit, but the process is painless and will not affect your credit in any way.

Your quote will be available instantly for most situations, but our underwriters might take a quick look at the quote if we think we can find a better price. Once you receive your quote, you can purchase the bond online with a credit card.

How Is the Nevada Mortgage Company Bond Filed?

Nevada has outsourced the license application and bond filing process to the NMLS. Once you purchase your bond with Jet, we walk you through the process and file the bond electronically on your behalf. 

To get started, you must first grant us access to act as your surety company (Jet Insurance Company NAIC #16379). Once the bond is on file, any changes can easily be made by contacting us. Below is a graphic on the process.

What if I Need to Cancel My Mortgage Company License Bond?

Jet understands that business needs change, and we make the cancellation process easy and cost-free. To cancel your bond, just give us a call or email us at bonddept@jetsurety.com. We’ll request cancellation with the NMLS right away and the cancellation will take effect in 60 days (as required by Nevada). 

If you pay monthly, the payments will simply stop after the 60-day cancellation period. If you paid for the bond in full, Jet will calculate any unused premium left on the bond (with the 60-day period in mind) and return it to you.

How to Renew the Nevada Mortgage Company Bond

Mortgage brokers must renew their Mortgage Company License by December 31st of each year. However, the bond does not necessarily run concurrently with the license period. 

With Jet, as long as you pay your monthly payment, your bond will renew automatically and stay on file with the NMLS. If you paid for your bond upfront, Jet will send you a renewal reminder with plenty of time to renew your bond online or in the mail.

How Can Nevada Mortgage Brokers Avoid Bond Claims?

The short answer is to comply with all regulations set forth in Nevada NRS Chapter 645B. Claims are only paid when mortgage companies violate the license law and do not remedy the error. The most common actions leading to licensing problems and potential claims include:

Mortgage brokers have the ability to mitigate stress and financial risk by complying with regulators should there be an issue. Should there be fines placed against a mortgage company the best option is always to seek a resolution to make sure the payment(s) can occur. Failure to do so will significantly jeopardize the ability to continue business as a mortgage broker.

How Can Nevada Mortgage Brokers Avoid Bond Claims?

If the unfortunate happens and your company has a claim filed against it, Jet will collect all of the details and documentation surrounding the claim before conducting a thorough investigation. Jet will work with you to provide a defense against invalid claims and help you to resolve the claims before your business is affected by court proceedings.

In Nevada, claimants may bring an action in a court to make a claim against your bond. The claim must be related to activity conducted within the last 3 years. Jet may determine that a claim is valid prior to a court decision and make payment after a careful examination of the facts. 

If we have to make a claim payment on your bond, we will seek reimbursement for the losses. Failure to repay surety claims will result in a suspension of your mortgage company license.

Are There Other Mortgage Bonds Needed in Nevada?

The Nevada Division of Mortgage Lending requires bonds for Mortgage Companies, Exempt Company Registration, and Mortgage Servicers. Most companies fall into the Mortgage Company category, also known as mortgage brokers. 

Exempt Companies are banks or insurance companies (Mortgage Bankers) that are exempt from licensing requirements, but they must still register with the Division and post an Exempt Company Registration Bond.

Mortgage servicers directly service mortgage loans and/or are responsible for interacting with a borrower on a loan. Mortgage servicers must post a Mortgage Servicer License Bond in the amount between $100,000 to $300,000.

Nevada Mortgage Company License Bond Form

Notary Bond Application:

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:

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:

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: