Branch Licensing - Your branch must be located in Nevada to obtain a mortgage broker branch license.  Contact the Direct Lender Compliance Department for details.

Mortgage Banker License

Loan Originator Licensing - There are no loan originator licensing requirements under the Mortgage Banker License, however, you cannot broker loans under this type of license.  You can only bank the loans through DirectLender's Banking Department.

Branch Licensing - Once we have a physical office in the state of Nevada, this license will be available.  Please contact the DirectLender Compliance Department if you are interested in licensing in Nevada.

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Initial Disclosures

Borrower(s) Achnowledgment and Agreement Concerning Dual Capacity as Real Estate Sales Agent and Mortgage Loan Agent

Nevada Broker Disclosure of Involvement

Nevada Title Insurance Notice and Waiver

Final Disclosures

Coming Soon

Electronic signatures

Nevada has adopted the Uniform Electronic Transactions Act, allowing borrowers, lenders and brokers to conduct transactions by electronic means. Nevada law gives full effect to electronic signatures.

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Ability to repay

Nevada law deems it an unfair practice to make a loan to a borrower based solely upon the equity of the borrower in the subject property, and without regard to the consumer’s repayment ability, including the consumer’s current and expected income, employment, other assets, and current obligations.

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Max 5 years and/or not to exceed the fixed rate term of ARMs.  Nevada law deems it an unfair practice to finance a prepayment penalty or fee when the original borrower refinances a home loan with the current lender or one of its affiliate lenders.

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Permitted Fees

Brokers can charge the following fees: administration fees, application fees, appraisal fees, attorney’s fees, bona fide discount points [up to 2.00% of the loan amount], broker’s fees, credit report fees, exact third party fees for services actually rendered, insurance premiums, origination fees, processing fees, transfer and assumption fees, underwriting fees for direct lending, and any miscellaneous fee or charge that the borrower agrees to pay in writing. All fees must be listed on the final version of the Good Faith Estimate, and will be collected at the loan closing. If any itemized third-party service is not performed, the estimated cost collected must be refunded.

Prohibited Fees

Advance fees, commitment fees, deferral fees, financing credit insurance, lock-in fees, referral
fees, unearned fees, underwriting fees for brokers, and warehouse fees.

Late Charge Fees

For first liens, Nevada law allows late charges which will not exceed 5.00% of the installment principal and interest, which become payable 15 days after the installment due date.
For subordinated liens, late charges will not exceed 5.00% of the installment principal and interest, which become payable 10 days after the installment due date.

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Funding Settlement

Dry State

Borrower Signing Requirements

Nevada is a community property state, and a homestead state. Although only one spouse will be a borrower on the loan, both spouses are required to sign the Deed of Trust, the Notice of Right to Cancel, and the Truth In Lending disclosure. Nevada law does not recognize the estates of dower nor curtesy. If one spouse is not intended for title, a Quit Claim Deed can be executed simultaneously with the mortgage.

Recording Requirement

All documents must be signed in black ink.

Closing Customs

Conveyance is typically executed with a Grant Deed, or a Bargain and Sale Deed. Quit Claim Deeds are used for releasing interest in a property. The encumbrance is usually a Deed of Trust. Nevada does not regulate residential mortgage closings but executes real estate closings with escrow agents.

Real Estate Taxes

Taxes are due quarterly on August 1st, September 1st, December 1st, and February 1st.
Taxes are delinquent on Agust 17th, October 5th, January 4th, and March 2nd.

To calculate taxes on a purchase use .75% of the purchase price. On a refinance, the amount of the last annual assessment should be used.

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Advertising Record Retention

Nevada law requires that records of completed mortgage transactions be retained for at
least four years in a Nevada location. After two years, these records may reproduced by microphotographic process, optimal disk imaging, or other equivalent technique designed to ensure an accurate reproduction of the original record. Mortgages that were denied or withdrawn must be retained for at least one year.

Advertising Representation

The licensee’s complete name, the address and the telephone number on file with the Commissioner of Nevada Financial Institutions Division must match the information appearing on its advertisements, including advertising information available on the Internet. Advertisements must be presented in non-technical terms. All proposed advertising must be submitted to the Commissioner of the Nevada Financial Institutions Division for approval, prior to any lead generation or lead distribution.

Telemarketing

Adhere to the provisions of the federal Do Not Call Registry at all times. Do not set up or use automatic voice dialers, pre-recorded messages, or automated “blast fax” machines for Nevada solicitations. Emails and faxes may not be sent to any person or company, for any reason, unless there is prior written consent or AN ESTABLISHED BUSINESS RELATIONSHIP.

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Disclaimer:
This information is tailored for DirectLender. It is deemed reliable but not guaranteed. It is not intended as legal advice, and should not be relied upon as such. The laws, policies, and references cited change periodically.