Nevada Revised Statutes 645B.0137 – Requirements for initial licensing as mortgage company or mortgage loan originator; regulations
1. In addition to any other requirements provided by this chapter, a person who wishes to receive an initial license as a mortgage company or mortgage loan originator must:
Terms Used In Nevada Revised Statutes 645B.0137
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- mortgage: includes a deed of trust. See Nevada Revised Statutes 0.037
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
(a) Complete education on mortgage lending as required by this chapter and any regulations adopted thereto; and
(b) Successfully pass a written examination as provided for by the Division.
2. If the applicant for an initial license as a mortgage company is not a natural person, the applicant must designate a natural person to be the qualified employee of the applicant and meet the requirements of subsection 1.
3. The Division may hire a testing organization to create, administer and score a written examination.
4. The Commissioner shall adopt regulations to carry out the provisions of this section, including, without limitation:
(a) Regulations relating to the content of a written examination and the scoring of a written examination; and
(b) Regulations for compliance with the requirements for registration with the Registry and any other applicable federal law.