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licensing requirement

Posted on: 22nd Nov, 2006 02:38 pm
can any broker having a web site accept application request through their site for mortgage without a license in Nevada from residents of the state.
No Yantis they can not. All mortgage brokers are required to have proper license to transact business within the state.

And only licensed mortgage brokers or mortgage bankers can accept application requests by Nevada residents when the applications are obtained via a web site.

Any unlicensed company actually conducting mortgage business in the state, or implying that they are able to conduct business through a web site can be subject to fine for such violation of law.

Posted on: 22nd Nov, 2006 02:48 pm
Let me add that a Broker must maintain at least one office within the state to be a Licensed Mortgage Broker.

Also an exemption is allowed for a one-time, unsolicited occasional mortgage loan without being subjected to the fines for violation of the rule if a broker is not licensed in Nevada to accept application through a web site.
Posted on: 22nd Nov, 2006 03:04 pm
Hi Yantis,

The Mortgage Licensing Division in Nevada must approve the internet pages of the broker's website after providing him with license. Only then, he can conduct his business from the state.

In case a broker ties to carry out mortgage business through the internet without getting license from state authorities, he will be fined an amount within $10,000 for each rule he violates.

Posted on: 22nd Nov, 2006 08:22 pm
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