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.
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.
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.