Nevada's Mortgage Regulatory Framework
The Division of Mortgage Lending, within the Department of Business and Industry, regulates all mortgage lending activity in Nevada under NRS Chapters 645B (brokers), 645E (bankers), 645F (loan originators, servicers, and foreclosure consultants), and 645A (escrow agents). The Commissioner of Mortgage Lending oversees licensing, examinations, enforcement, and consumer protection.
Nevada's mortgage regulatory framework was significantly strengthened after the 2008 housing crisis, which hit Nevada harder than almost any other state. Foreclosure rates peaked at the highest in the nation, and the resulting regulatory reforms created one of the most consumer-protective mortgage oversight regimes in the country. The SAFE Act implementation, enhanced surety bond requirements, and aggressive enforcement have rebuilt confidence in Nevada's mortgage market.
All mortgage industry participants must be licensed through NMLS. The Division conducts regular examinations, investigates consumer complaints, and coordinates with the CFPB and other state regulators through the Conference of State Bank Supervisors (CSBS).
License Types
The Division issues 6 categories of licenses and registrations for the mortgage industry.
Mortgage Broker License
License to act as an intermediary between borrowers and mortgage lenders. Brokers arrange loans but do not fund them. Requires surety bond ($50K minimum), minimum net worth, NMLS registration, trust account, and qualified employee with mortgage experience. Background checks on all principals.
Mortgage Banker License
License to fund mortgage loans using the licensee's own capital or warehouse lines of credit. Higher net worth and surety bond requirements than brokers. Must demonstrate investor relationships and warehouse line capacity. NMLS registration and background checks required.
Mortgage Loan Originator
Individual license required to take residential mortgage loan applications or negotiate terms. 20 hours of prelicensing education, SAFE Act national exam, credit check, background check, and employer sponsorship through NMLS. Annual continuing education required for renewal.
Mortgage Servicer License
License to service mortgage loans — collecting payments, managing escrow, handling loss mitigation. Surety bond, escrow account, net worth requirements, servicing procedures manual, and NMLS registration. Regular Division examinations of servicing practices.
Escrow Agent License
License to hold and disburse funds in escrow for mortgage and real estate transactions. Fidelity bond, E&O insurance, trust account, designated escrow officers, and audited financial statements required. Division conducts regular trust account examinations.
Foreclosure Consultant
Registration for persons providing foreclosure prevention services. Surety bond, specific consumer disclosures, right to cancel provisions, and prohibition on upfront fees. Heavily regulated due to historical consumer harm in the mortgage crisis era.
Related Permit Categories
Frequently Asked Questions
Contact the Division of Mortgage Lending
3300 W. Sahara Ave., Suite 285
Las Vegas, NV 89102
(702) 486-0782
Email: MLDinfo@mld.nv.gov
Phone: (702) 486-0782