Does the state require a physical location within the state?
Yes. Mortgage brokers must maintain a Nevada "bricks and mortar" office to conduct their business. Nevada broker business cannot be conducted from additional locations outside of Nevada.

Is there individual loan officer licensing?
Individuals are licensed as mortgage agents.

What are lenders, brokers and loan officers called?
Nevada uses the terms mortgage broker, mortgage banker and mortgage agent.

What is the cost of a license? Surety bond? Are there net worth requirements?

• The licensing and regulation of mortgage brokers and loan agents is handled through the Nevada Mortgage Brokers and Mortgage Agents law.
• By holding a mortgage broker license, a company can both broker and originate Nevada residential mortgage loans and a separate Nevada mortgage company license is not needed.
• A company that wishes to receive a license as a mortgage broker must designate a natural person to be the qualified employee of the applicant.
• The qualified employee must successfully pass a written examination administered by the Mortgage Lending Division or meet required education and experience requirements.
• For brokers, the requirements are at least two years of verifiable experience in lending money for real estate or mortgages and a knowledge of generally accepted accounting practices and bookkeeping procedures evidenced by verifiable experience in working in these areas or appropriate educational training, or both.
• The costs for a mortgage broker license application are $1,500 for the principal (NV) office and $40 for each in-state branch.
• There is a $1,000 fee upon issuance for the principal (NV) office and $60 for each in-state branch.
• The mortgage broker license must be renewed annually, on or before June 30. The renewal fee is $500 for the principal (NV) office and $100 for each in-state branch.
• There is no bond required for a mortgage broker's license.
• The cost for a mortgage agent license is $185 plus fingerprint processing fees.
• The license expires one year after it is issued. The renewal fee is $170.
• In order to renew the mortgage broker license, the broker must submit satisfactory proof to the Division of Mortgage Lending that each mortgage agent completed at least 10 hours of continuing education during the 12 months immediately preceding the date on which the license expires.