Mortgage Processors and Underwriters

A loan processor is a natural person who:

• Receives, collects, distributes, or analyzes information that is commonly used for the processing of a residential mortgage loan; and
• Communicates with a consumer to obtain the information necessary for the activities described above.

Activities of a loan processor do not include communication offering or negotiating loan rates or terms or counseling consumers about residential mortgage loan rates or terms.
(NRS 645B.124) 

A loan processor is not required to obtain a mortgage loan originator license with the Division if the loan processor is:

• A W-2 employee loan processor for a licensed mortgage company. The loan processor must work from a licensed location and be under the direction and supervision of the licensed mortgage company.
• A W-2 employee loan processor for a loan processing company that has a mortgage company license or has obtained a certificate of exemption. The loan processor must work from a licensed or registered exempt location and be under the direction and supervision of the licensed mortgage loan originator.

A loan processor is required to be licensed as a mortgage loan originator with the Division if the loan processor is:

• An independent contractor loan processor (receives a 1099) for a licensed mortgage company. The loan processor must work from a licensed location of the mortgage company.
• An independent contractor loan processor (receives a 1099) for a loan processing company that has a mortgage company license or a certificate of exemption.
• An owner of a licensed loan processing company that independently contracts (receives a 1099) with licensed mortgage companies to process loans. The W-2 employees and independent contractors (1099 paid workers) must work from a licensed or registered exempt location. The independent contractors (1099 paid workers) must be licensed as mortgage loan originators.

A mortgage loan underwriter is a natural person who performs tasks as an employee at the direction of and subject to the supervision and instruction of a person licensed or exempt from licensing under NRS 645B unless the person who performs these tasks is an independent contractor. 

A mortgage underwriter is a financial specialist who examines your finances and evaluates how much risk a lender will assume if they decide to give you a loan. They will base their report on your credit history, assets, how much you wish to borrow and your anticipated ability to repay the loan.

A loan underwriter is not required to obtain a mortgage loan originator license with the Division if the loan underwriter is:

• A W-2 employee loan underwriter for a licensed mortgage company. The loan underwriter must work from a licensed location and be under the direction and supervision of the licensed mortgage company.
• A W-2 employee loan underwriter for a loan processing company that has a mortgage company license or has obtained a certificate of exemption. The loan underwriter must work from a licensed or registered exempt location and be under the direction and supervision of the licensed mortgage loan originator.

A loan underwriter is required to be licensed as a mortgage loan originator with the Division if the loan originator is:

• An independent contractor loan underwriter (receives a 1099) for a licensed mortgage company. The loan underwriter must work from a licensed location of the mortgage company.
• An independent contractor loan underwriter (receives a 1099) for a loan processing company that has a mortgage company license or a certificate of exemption.
• An owner of a licensed loan underwriting company that independently contracts (receives a 1099) with licensed mortgage companies to process loans. The W-2 employees and independent contractors (1099 paid workers) must work from a licensed or registered exempt location. The independent contractors (1099 paid workers) must be licensed as mortgage loan originators.