A&B Abstract:
Nevada recently adopted new regulations allow a natural person to obtain a license by endorsement to engage in business as a mortgage broker or mortgage agent, mortgage loan servicer, or escrow agent or agency, so long as such person holds a corresponding valid and unrestricted license to engage in such business in another jurisdiction upon meeting certain conditions.
New Regulations:
On June 26, 2019, the Nevada Commissioner of Mortgage Lending (“Commissioner”) adopted new regulations R177-18, R178-18 and R180-18, which introduce standards that permit the issuance of licenses by endorsement for natural persons to engage in business as: (1) a mortgage broker or mortgage agent; (2) a mortgage servicer or a covered service provider (including a foreclosure and loan modification consultant); and (3) an escrow agent or agency, respectively.
Eligibility Criteria:
In order to be eligible for a license by endorsement, a natural person must:
- hold a corresponding valid and unrestricted license to engage in the relevant occupation or profession in another jurisdiction;
- submit proof to the Commissioner of his or her corresponding valid and unrestricted license in another jurisdiction; and
- possess qualifications that are largely similar to the qualifications required for a Nevada license,
in addition to meeting other qualifications set forth in the new regulations.
Other Changes to Licensing Requirements:
The amendments also modify existing licensing requirements for mortgage brokers, mortgage bankers and mortgage agents by:
- Authorizing the Commissioner to waive any monthly reporting requirements under Nevada law if substantially similar information is available from another source; and
- Reducing the annual continuing education required to be completed by a mortgage broker or mortgage agent.
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