Nevada Mortgage Loan Originator

Which state agency regulates mortgage loan originators in Nevada?

• ANV Real Estate Division
• BNV Department of Business and Industry, Mortgage Lending Division
• CNV Financial Institutions Division
• DNV Department of Insurance

How many hours of NMLS-approved pre-license education are required for a Nevada MLO?

• A15 hours
• B20 hours
• C24 hours
• D30 hours

What type of foreclosure is primarily used in Nevada?

• AJudicial foreclosure only
• BNon-judicial foreclosure through deed of trust and power of sale
• CStrict foreclosure
• DAdministrative foreclosure

What is the minimum surety bond amount required for a Nevada mortgage company under NRS 645B?

• A$10,000
• B$25,000
• C$50,000
• D$100,000

Under Nevada's non-judicial foreclosure process, what notice must the trustee record to begin foreclosure?

• AA lis pendens
• BA Notice of Default and Election to Sell
• CA foreclosure complaint
• DA notice of sale only

Which Nevada statute primarily governs mortgage companies and MLO licensing today?

• ANRS Chapter 645B (Mortgage Companies and Mortgage Loan Originators)
• BNRS Chapter 645 (Real Estate Brokers and Salespersons)
• CNRS Chapter 679A (Insurance)
• DNRS Chapter 104 (Uniform Commercial Code)

What continuing education must Nevada MLOs complete annually?

• A4 hours
• B8 hours
• C12 hours
• D16 hours

What is the right of redemption period after a non-judicial foreclosure sale in Nevada?

• ANo statutory right of redemption after a non-judicial foreclosure sale
• B30 days
• C6 months
• DOne year

What is Nevada's position on usury limits for residential mortgage loans?

• AStrict 8% cap
• B10% maximum
• CNevada does not impose specific usury limits on licensed mortgage lenders for residential…
• DFixed at prime plus 2%

What is Nevada Assembly Bill 284 (AB 284) known for in relation to foreclosure?

• AEliminating all foreclosure protections
• BRequiring lenders to provide proof of authority to foreclose and prohibiting robo-signing…
• CAllowing immediate foreclosure without notice
• DEliminating deficiency judgments

What enforcement actions can the NV Mortgage Lending Division take against MLO violations?

• AOnly written warnings
• BLicense revocation or suspension, civil penalties, cease and desist orders, and restituti…
• COnly federal referral
• DOnly fines up to $500

What disclosure requirements does Nevada impose on MLOs?

• ANo state-specific disclosures
• BOnly the interest rate
• CComprehensive disclosures of all loan terms, fees, costs, and borrower rights under state…
• DOnly closing costs

How long does the typical non-judicial foreclosure process take in Nevada?

• A30 days
• BApproximately 120-180 days (4-6 months)
• CExactly one year
• D2-3 years

What background check requirements must NV MLO applicants satisfy?

• AOnly state criminal check
• BOnly credit report
• CFBI criminal background check through fingerprinting and credit report
• DNo background check

Under Nevada's Homeowner's Bill of Rights (SB 321), what protections are provided to borrowers?

• ANo specific protections
• BRequirements for single point of contact, good faith exploration of loss mitigation optio…
• COnly applies to commercial properties
• DOnly covers new construction

What trust account requirements exist for Nevada mortgage professionals?

• ANo requirements
• BFunds may be commingled
• CTrust funds must be in separate federally insured accounts, segregated from company and p…
• DOnly for deposits over $25,000

What is the penalty for originating loans without a license in Nevada?

• AWarning letter
• B$500 fine
• CCivil penalties, potential criminal prosecution (gross misdemeanor or felony), and voidab…
• DNo penalty

A Nevada borrower believes their MLO engaged in predatory lending. What recourse exists?

• ANo recourse
• BFile a complaint with the NV Mortgage Lending Division and pursue civil remedies under NV…
• COnly federal complaint
• DMust wait until loan maturity