Does conducting institutional wholesale mortgage business in Nevada trigger licensing requirements with the Mortgage Lending Division?
Pursuant to NAC 645B.017 & NAC 645E.270, a company that only provides a funding source for a loan originated by a licensed broker or a company exempt from licensing does not conduct licensable activity. Additionally, institutions that purchase closed loans on the secondary market are not subject to licensure. Such activity may, however, trigger other licensing or registration requirements such as filing requirements with the Secretary of State, State Taxation or local business licensing authorities. In order to respond to consumer complaints against wholesale lenders, the Division requests wholesale lenders doing business in Nevada to provide us with the name, address and telephone number of a contact person to whom such complaints may be referred.
Pursuant to NAC 645B.017 & NAC 645E.270, a company that only provides a funding source for a loan originated by a licensed broker or a company exempt from licensing does not conduct licensable activity. Additionally, institutions that purchase closed loans on the secondary market are not subject to licensure. Such activity may, however, trigger other licensing or registration requirements such as filing requirements with the Secretary of State, State Taxation or local business licensing authorities. In order to respond to consumer complaints against wholesale lenders, the Division requests wholesale lenders doing business in Nevada to provide us with the name, address and telephone number of a contact person to whom such complaints may be referred. 16. After a mortgage agent who holds an active mortgage agent license terminates his affiliation with a mortgage broker, may he conduct mortgage agent activities with a new mortgage broker before the Division is in physical receipt of his co
