Nevada’s administrative code requires that a qualified employee be present at the in-state office of a licensed mortgage broker or banker for the majority of the time that the office is open to the public. In the past, the Nevada Division of Mortgage Lending has permitted certain mortgage broker and banker licensees to satisfy this requirement with a qualified employee who sits outside of Nevada so long as the licensee submitted a declaration indicating, among other things, that the in-state office would remain closed to the public and that the licensee would conduct no business at the office.
However, we understand that the Division has recently shifted its position here to now make this option available to commercial mortgage broker and banker licensees only. And so, all residential mortgage broker and banker licensees are now expected to maintain in-state offices that are staffed by a qualified employee who lives within a commutable distance.
In light of this, we recommend that impacted Nevada residential mortgage broker and banker licensees initiate the process of hiring a qualified employee who meets all applicable eligibility requirements.