The Nevada Commissioner of Mortgage Lending recently adopted new regulations permitting the issuance of a license by endorsement to engage in certain mortgage and escrow-related activities to natural persons who hold a corresponding valid and unrestricted license to engage in the relevant occupation or profession in another jurisdiction, and who satisfy certain other requirements. The provisions became effective June 26, 2019.
Under the new regulations, the Commissioner may issue licenses by endorsement for a natural person to act as: a mortgage broker or mortgage agent, a mortgage servicer, an escrow agent or agency, or a covered service provider, including foreclosure and loan modification consultants. To be eligible, the natural person must satisfy a number of requirements as specified under the regulations, and must submit proof that he or she holds a corresponding license in another jurisdiction and possesses qualifications that are equal to or substantially similar to the qualifications required for a Nevada license.
Separately, the amendments to the Commissioner’s regulations for mortgage brokers and mortgage agents also modify certain other existing requirements by: (1) authorizing the Commissioner to waive a licensee’s monthly reporting requirements under Nevada law if substantially similar information is available from another source; and (2) reducing the annual continuing education required to be completed by a mortgage broker or mortgage agent.
Copies of the new requirements can be found here:
Mortgage Brokers and Mortgage Agents: https://www.leg.state.nv.us/Register/2018Register/R178-18AP.pdf;
Mortgage Servicers and Covered Service Providers: https://www.leg.state.nv.us/Register/2018Register/R180-18AP.pdf;
Escrow Agents: https://www.leg.state.nv.us/Register/2018Register/R177-18AP.pdf.