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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Exempt Company Registration Certificates of Exemption are issued to persons doing business under federal or any state law relating to banks, savings banks, trust companies, savings and loan associations, industrial loan companies, credit unions, thrift companies or insurance companies, including, without limitation, a subsidiary or a holding company of such a bank, company, association or credit union. There are other limited exemptions. Additionally, any person otherwise exempt from licensing may file for a certificate of exemption with the Division for purposes of fulfilling the requirements of the S.A.F.E. Act. (More Details)
Mortgage Company License A mortgage company license is required for any person that, directly or indirectly, does any of the following: (a) Holds himself or herself out for hire to serve as an agent for any person in an attempt to obtain a loan which will be secured by a lien on real property; (b) Holds himself or herself out for hire to serve as an agent for any person who has money to lend, if the loan is or will be secured by a lien on real property; (c) Holds himself or herself out as being able to make loans secured by liens on real property; (d) Holds himself or herself out as being able to buy or sell notes secured by liens on real property; (e) Offers for sale in this State any security which is exempt from registration under state or federal law and purports to make investments in promissory notes secured by liens on real property; or (f) Holds himself or herself out as a wholesale lender. A “wholesale lender” means any person that engages in activities (b), (c), or (d) above, but does not directly: (a) Take or receive an application from a borrower for a loan that will be secured by a lien on real property; or (b) Negotiate any terms with a borrower relating to a loan which will be secured by a lien on real property. Note: “Real Property” includes residential and commercial property. Note: Any natural person who engages in any of the above activities on behalf of a mortgage company, including its officers, directors, shareholders, and qualified employees, must also obtain and maintain a mortgage loan originator license. (More Details)
Mortgage Servicer License Click the New Application Checklist for more information. (More Details)
Supplemental Mortgage Servicer License Click the New Application Checklist for more information. (More Details)
Branch Licenses Description Requirements Checklist
Exempt Branch Registration A Nevada exemption certificate allows a person to conduct business from multiple branch locations. However, if a company wishes to have multiple offices listed on NMLS and Division records, and be able to sponsor loan officers at a branch office in the system, rather than at their corporate office, the company will be required to file MU-3 forms for each branch location. (More Details)
Mortgage Company Branch Any office location, other than the principal/main office licensed under the Company Form (MU1), from which the person will conduct Nevada related mortgage company activity. (More Details)
Individual Licenses Description Requirements Checklist
Mortgage Loan Originator Chapter 645B.0125 (1) of the Nevada Revised Statutes (NRS) defines a “mortgage loan originator” as a natural person, including the designated qualified employee, who is authorized by the mortgage company to conduct any activity on behalf of the company that would trigger licensure as a mortgage company. Persons conducting these activities are required to be associated with and be employees of the mortgage company. For employees of mortgage companies, these activities include a person who:  Holds himself or herself out for hire to serve as a loan originator for any person in an attempt to obtain a loan which will be secured by a lien on real property;  Holds himself or herself out for hire to serve as a loan originator for any person who has money to lend, if the loan is or will be secured by a lien on real property;  Holds himself or herself out as being able to make loans secured by liens on real property;  Holds himself or herself out as being able to buy or sell notes secured by liens on real property;  Offers for sale in Nevada any security which is exempt from registration under state or federal law and purports to make investments in promissory notes secured by liens on real property.  A loan processor who is an independent contractor and who is associated with a mortgage company or person who holds a certificate of exemption pursuant to NRS 645B.016(7). Additionally, the term “mortgage Loan originator’ includes a residential mortgage. A residential mortgage loan originator is any natural person who takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan for compensation or other gain. “Residential mortgage loan” means any loan primarily for personal, family or household use that is secured by a mortgage, deed of trust or other equivalent consensual security interest on a dwelling, as defined in the federal Truth in Lending Act, or residential real estate upon which is constructed or intended to be constructed a dwelling, including a mobile home.
 

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