Become a Mortgage Loan Originator
With A NV MLO License

An MLO license is a Mortgage Loan Originator license. The license is issued by the Nevada Division of Mortgage Lending. It authorizes a compensated individual to take residential mortgage loan applications and negotiate the terms of residential mortgage loans secured by properties located within the state of Nevada.

Several Nevada MLO license requirements must be met before obtaining a license. 

• Complete 20 hours NMLS approved of pre-licensing coursework, plus 10-hours of elective credits, which includes a 4-hour NV-specific module. Sit for the National Mortgage Loan Originator test and pass the exam. 
• Pay the required license fees through the Nationwide Multistate Licensing Service (NMLS). Attach the application with details of residency and employment history. 
• Complete fingerprinting to clear criminal background checks by the state and federal agencies.
• Submit a credit report that proves you can take financial responsibility.

The Nevada Division of Mortgage Lending issues a Nevada MLO license after these conditions are met.

The Nevada Division of Mortgage Lending a license/registration fee of $120.
Additional  fees of $36.25 are for a FBI criminal background check, NMLS processing fee of $30, and $15 credit report charge. 

There is also the cost of completing an MLO license course in Nevada. The  30-hour MLO NV pre-licensing course package is offered by RealEstateU for $199.

After completing the NMLS MLO NV pre-licensing course package, you must pay $110 to take the National MLO SAFE test. 

The total Nevada MLO license cost works out to $510.25. 

Several factors determine the time it takes to get a MLO license in Nevada.

• It takes about two weeks to obtain a unique identification number from NMLS. This period includes time taken for documentation and background checks. 
• The pre-license coursework is 30 hours and this will take at least 14 days to complete even if you study at your preferred pace. 
• Schedule and pass the SAFE ACT MLO test.
• Go through the checklist of requirements for new applications located here: https://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/WY-MLO-New-Application-Checklist.pdf 
• The Nevada Division of Mortgage Lending will review your application and the time for it depends on the number of pending new applications. Typically, the time taken at this stage is thirty to sixty days.

Hence, you can get a MLO license in Nevada in 2 to 4 months after all the variables given above are considered. 

The Nevada MLO license education requirement is the 20-hour National SAFE course, plus 10-hour of elective credits, which includes a 4-hour NV-specific module.

If you act as a mortgage loan originator for pay or other compensation on behalf of a non-depository lender offering residential mortgage loans secured by real estate located in the state of Nevada, you are required to obtain a Nevada MLO license. Acting as a mortgage loan originator means taking residential mortgage loan applications and/or negotiating the terms of residential mortgage loans.

Yes. The 20-hour SAFE course can be taken online as an instructor-led course that is taken over a 14-day period.  The 10-hour NV elective credits are online self-paced courses that can be completed on your own schedule.

After completing the RealEstateU 30-hour NV coursework, you can apply online for an MLO license through the NMLS. However, you must go to an in-person center to submit your fingerprints and sit for the MLO SAFE ACT test.

An individual who has a Nevada Mortgage Loan Originator license can negotiate residential mortgage loan terms and take residential mortgage loan applications that have as security or collateral residential real estate located in Nevada. In addition to “Mortgage Loan Originator” some companies have titles such as “Loan Consultant,” “Mortgage Loan Officer,” or simply “Loan Officer” that apply to individuals filling these roles. 

Some jurisdictions in NV require general licenses for any business operating there. To you will need to contact the Nevada Secretary of State.  

Starting an independent mortgage brokerage business in Nevada will require that you complete the process of obtaining an NV Mortgage Broker License for your company or yourself as a broker, and a MLO license which authorizes you to engage in mortgage loan origination activities.

Nevada is a diverse and growing state. Business conditions vary greatly between cities and counties. 

Nevada is the 31st most populous US state with a population of over half of a million. Hence, there will always be a high demand for housing, leading to a need for residential mortgage loans. The sheer size of the residential housing market makes Nevada a great place for the mortgage business.

First, think about your career goals before searching for a company in Nevada to join as a Mortgage Loan Originator. 

Do you want to be a neighborhood lender, developing your source of business within a community or network? Or do you prefer the pace of a volume-driven phone bank where numerous leads pop up every day? 

After deciding on this aspect, search for and find MLO employers that fit your MLO career goals.