On Jan. 1, 2020, the NMLS will convert Nevada mortgage broker licenses and Nevada mortgage banker licenses to Nevada mortgage company licenses. This is a result of Nevada A.B. 468 (2017), which repeals the law governing mortgage banker licensees and consolidates it with the law governing mortgage broker licensees, and which now includes both under the term “mortgage company.” We understand from a contact at the Nevada Division of Mortgage Lending that licensees will not need to do anything in connection with the license name change, other than obtain a new electronic surety bond when and as directed by the division (presumably, through an NMLS license item set in the new year).

Companies that plan to submit an application for one or both of these licenses before the end of the year are advised to submit the Nevada mortgage broker license application only.

And those companies that currently hold one or both of these licenses are expected to renew by completing the requirements identified for the Nevada mortgage company license on the division’s 2020 NMLS Renewal Checklist. For further information on the renewal process for Nevada mortgage banker and mortgage broker licensees, please see the update that the division recently published on its website.