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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 are the
requirements to register as a mortgage agent?
A
A prospective mortgage agent:
Must be over the
age of 18
Could not have
committed a felony with in the last 3 years
Cant currently
owe back child support
Q What
education and or test must be passed prior to registering as a
mortgage agent?
A The
prospective mortgage agent is not required complete any examination
or pass any licensing exam prior to registering with the state of
Nevada. But, prospective mortgage agents often elect to take the
Mortgage Agent training course to provide practical information as
to how to practice mortgage lending. Students who take the mortgage
agent training course better their success ratio in the field.
Q What
governing body regulates Mortgage Lending?
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 What fees
will a prospective mortgage agent pay to register?
A
A non refundable fee of $185 must be paid to the Department of
Mortgage Lending when registering with the state of Nevada
Prospective
Mortgage Agents can register online at:
Mortgage Lending Division -
Overview
Q Can a Nevada
Mortgage Agent practice lending in another state?
A No, each
state maintains its own licensing or registration requirements.
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. 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 chooses. Key Realty
School does place at seven different brokerages.
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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