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Q Does Key Realty School have exam prep tools?
A
No. Key Realty School does not recommend or endorse
the exam and therefore does not provide any exam
tools.
Q What is the difference between a mortgage agent
and a loan officer?
A
Merely semantics. When the Department of Mortgage
Lending became the state governing body of lending,
the official title became mortgage agent.
Q
What is a mortgage agent?
A
An individual that acts as an intermediary between
borrower and lender; on who, for compensation or
gain, negotiates, sells or arranges loans for the
benefits of all interested parties.
Q
What governing body regulates the licensing of
Mortgage Agents?
A
The National Mortgage Licensing System
Q
What governing body regulates the practice of Mortgage Lending
in Nevada?
A
The Mortgage Lending Division.
Mortgage
Lending Division - Overview
Q
Is a mortgage agent required to have a Nevada Real
Estate License?
A
A mortgage agent is NOT required to have a Real
Estate License. The mortgage agent license is governed
by a completely separate governing body and therefore
not monitored by the Nevada Real Estate Division.
Q
Can a Nevada Mortgage Agent practice lending in
another state?
A
No, each state maintains its own licensing or registration
requirements. The addition of the NMLS has made
that licensing transition from state to state much
easier for licensees.
Q
Must a mortgage agent work under a mortgage broker
or mortgage bank?
A
Yes, a prospective mortgage agent must choose a
mortgage broker or mortgage bank to conduct business
under. A mortgage broker or mortgage bank is a body
designated by the state to have the governing ability
of those mortgage agents registered under their
name.
Q
How can a Mortgage Agent become a Nevada Mortgage
Broker?
A
A Nevada Mortgage Broker must have a minimum of
two years registered as a mortgage agent in Nevada
or in another state. A Nevada Mortgage Broker must
also meet all of the financial, personal and location
requirements deemed necessary by the Nevada Mortgage
Lending Division. The complete application for Mortgage
Broker is located at: Mortgage
Lending Division - Overview
Q
Who must obtain a license as a mortgage agent?
A
A mortgage agent is defined by NRS 645B.0125 as
a person who is "an employee or independent
contractor of a mortgage broker who is ..."
licensed pursuant to NRS Chapter 645B and is "authorized
by the mortgage broker to engage in, on behalf of
the mortgage broker, any activity that would require
the person, if he were not an employee or independent
contractor of the mortgage broker, to be licensed
as a mortgage broker ..." The term does
not include a person licensed as a mortgage broker
or a person who performs only clerical or ministerial
tasks for a mortgage broker.
Q
What is the difference between Key Realty School’s
educational programs based around lending and the
educational programs offered by Mortgage Companies?
A
Key Realty School is just that, a school. It is
not a mortgage company or an association trying to
earn your membership. This means that the student
will be educated in a practical session in preparation
for the field. The student is prepared to work under
any mortgage broker the student selects. Key Realty
School does place at many mortgage brokerages and
banks.
Q
Does
Nevada have a usury law?
A
Nevada does not have a usury law. There are
limits on interest and fees that can be charged
in a pawn transaction; however, NRS
99.050 requires only that the rate and terms
of a loan must be specified in writing and agreed
to by all parties. There are no Nevada statutory
limits on any fees that may be charged in a mortgage
transaction so long as all parties have agreed to
those fees in writing. Applicable mortgage
loans must comply with all federal laws including,
but not limited to, The Real Estate Settlement Act
and Regulation Z, Truth in Lending.
Q
What are the regulatory agencies govern the lending
business?
Las
Vegas Office
Mortgage Lending Division
3075 E. Flamingo #104A
Las Vegas, Nevada 89121
702-486-0780
702-486-0785 (Fax)
www.mld.nv.gov
Carson
City Office
Mortgage
Lending Division
400 W King Street, Suite 406
Carson City, Nevada 89703
Phone: (775) 684-7060 • Fax: (775) 684-7061
www.mld.nv.gov
Nevada Financial Institutions Division
(Regulates State chartered banks, credit unions,
thrifts and check cashing companies)
406 E. 2nd Street, Suite 3
Carson City, Nevada 89701-4758
Phone: (775) 684-1830
Fax: (775) 684-1845
Nevada Financial Institutions Division
2501 E. Sahara Avenue, Suite 300
Las Vegas, Nevada 89104
Phone: (702) 486-4120
Fax: (702) 486-4563
e-mail fid.state.nv.us
Internet http://fid.state.nv.us.
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