Applicants for the Nevada Mortgage Servicer license must purchase and file a Nevada Mortgage Servicer License Bond. The Nevada Division of Mortgage Lending (MLD) requires servicers to file a bond in the Nationwide Multistate Licensing System (NMLS) in amounts ranging from $100,000 to $300,000 based on the servicer’s annual loan volume.
Jet Insurance Company offers the lowest rates available to Nevada mortgage servicers. Get your bond quoted, issued, and filed with the NMLS, so you can get back to servicing your customers.
Jet’s price on this bond starts as low as $38 monthly or $375 a year for the $100,000 bond amount. Below is our preferred tier pricing for servicers with good credit and experience:
|Annual Mortgage Servicing Volume||Bond Limit||Monthly||Annual|
|Less than $50 million||$100,000||$38||$375|
|$50 to $500 million||$200,000||$75||$750|
|More than $500 million||$300,000||$113||$1,125|
Pay monthly and cancel any time, no questions asked. Or you can pay for the bond annually and save up front on the cost of the bond (2- and 3-year bond terms are available).
The Commissioner of the MLD determines the bond amount based on the loan servicer’s annual mortgage volume. New applicants can start with the $100,000 bond amount and may need to increase their bond at their annual license renewal.
Simple, just click the button above to get started. Jet will review your business information and ownership details to determine your price. We’ll need to check your credit (don’t worry, the check won’t affect your credit) and an underwriter may contact you for some additional information, if necessary.
Jet’s is committed to offering the lowest price and best service to our customers. We dug deep into the Nevada mortgage servicer bond, so we know what to look for and how to cut out any extra costs, including middlemen. This means you save time and money.
When you receive your quote, you can purchase the bond online in a few clicks and we will file the bond for you with the NMLS.
In Nevada, mortgage servicers must file their license application and surety bond with the NMLS. Jet is an expert at this process and will guide you through it step-by-step.
To get started, please grant Jet Insurance Company (NAIC# 16379) as your surety company. As soon as we receive authorization, we will file the bond and you will be prompted by email to electronically sign the bond with the NMLS. The below graphic shows the process:
Jet will cancel your bond any time without fees or penalties. If you’re paying monthly, your payment will stop automatically after the 60-day cancellation period (MLD rules, not ours). If you paid upfront, Jet will refund you any unused portion of your payment.
To cancel the bond, simply give us a call or send us an email [email protected] and we’ll take care of it right away.
Jet makes your bond “renewal” easy, and in most cases, eliminates the process altogether. Pay monthly with Jet and your bond stays active indefinitely. If something changes materially, we’ll contact you with plenty of options.
In Nevada, mortgage servicers must renew their license annually by December 31st of each year. However, as long as your monthly payment goes through, your bond stays on file with the NMLS. No action is needed from you on the surety bond.
If you paid upfront for your bond, we’ll email you reminders and mail you a bill to make sure your bond remains active. No need to set a reminder, we’ve got you covered.
Mortgage servicers are some of the most heavily regulated businesses in the country. As you’re probably aware, Nevada servicers must comply with both State license law set forth by the MLD, and the federal requirements Regulation X and Regulation Z from the Consumer Financial Protection Bureau (CFPB). The good news for Nevada servicers is that the state law pretty much lines up with the federal regulations, so we break down below some of the most common issues that can lead to claims stemming from the CFPB regulations.
Regulation X, also known as the Real Estate Settlement Procedures Act, specifically addresses mortgage servicers in Subpart C. The Act lays out the requirements for proper disclosures, loan transfers, and loss mitigation, among other things. Below are some violations of the rules that could lead to bond claims:
Regulation Z, also known as Truth in Lending, covers a wide range of consumer credit products. Subpart E relates specifically to mortgage transactions and covers special rules for high-interest loans, reverse mortgages, and home equity lines of credit (HELOCs). As you might expect, the regulations for these loan transactions are heavily regulated. Some of the actions that might lead to a claim include the following:
The above list is by no means exhaustive, so it’s important that you follow all the regulations required in NRS Chapter 645F to avoid a claim.
Jet defends you in the event of a claim. As the Surety, our obligation is to investigate claims and make payment when a claim is determined as valid. During this process, Jet will reach out to you as soon as we receive notice of a claim to get your side of the story so we can mount a defense.
In Nevada, we have 30 days to make a determination whether the claim is valid and to make payment. Under this time crunch, your quick response is crucial so we can do our best to defend your reputation and license.
At times, the Commissioner of the MLD may receive a claim directly and make a determination as to the validity of the claim. In these cases, the Commissioner can demand payment from the Surety. Jet does not have any options but to pay these claims, so it’s important that you also respond to the Commissioner with any evidence that might help your case. The Commissioner will set guidelines for arbitration when applicable.
Surety bonds are a special type of insurance product that really act more like a letter of credit for acts that run afoul of regulations (aka, illegal). The surety bond does not absolve mortgage servicers from following the law. As a result, if Jet has to pay a claim on your bond, you will be responsible for reimbursing us for the loss. We will do everything in our power to avoid this circumstance and fight for you and your reputation.
The Nevada MDL requires licenses and surety bonds for several different types of mortgage-related businesses. A full list of the licensing requirements can be found on the NMLS state licensing page. Surety bonds are needed for the Nevada Mortgage Company License and for banks or insurance companies that can apply for Exempt Company Registration to be a Mortgage Banker in Nevada.
Mortgage servicers and brokers typically operate in more than one state. If you have bond needs in other states, check out our Mortgage Bond page for details on other surety bonds you might need.