Requirements for Becoming a Participating Lender

In order to be eligible to participate in the Single Family Program, a lending institution must:

1. Be a lending institution as defined in chapter 319 of the NRS, "Lending Institution means any bank or trust company, Federal National Mortgage Association approved mortgage banker, national banking association, savings and loans association or other financial institution or governmental agency of the United States which customarily provides service or otherwise aids in the financing of mortgages located in the state;"

2.  Have a net worth of at least $500,000;

3.  Maintain at least one office within this state that originates loans and deeds of trusts;

4.  Customarily engage in originating or servicing loans and deed of trusts, or in originating and servicing loans and deeds of trusts;

5.  Be qualified to do business in this state;

6.  Be licensed as required by applicable law;

7.  Be authorized to commence business under a certificate issued by the commissioner of financial institutions, if required by law;

8.  Be in good standing with the federal, state or local regulatory agency having jurisdiction; and

9.  Be a mortgagee approved by the Federal Housing Administration and the Department of Veterans Affairs, or be a seller or servicer of mortgage loans to and for the Federal Home Loan Mortgage Corporation or Fannie Mae.

Mortgage brokers, correspondent lenders, and third party originators may not participate in the Single Family Program.

Lending institutions may participate by either:

  1. Originating and selling mortgage loans to the Division with the lending institution servicing the mortgage loans sold to the Division, or
  2. Originating and selling mortgage loans to the Division with the Division or its designee servicing the mortgage loans sold to the Division.

Eligible lending institutions must submit an Application, their most current audited financial statement, and an opinion of counsel, in the format as prescribed by the Division.

Applications may be received directly from our web site or by contacting the Single Family Coordinator at (775) 687-4258 extension 229 or by e-mailing a request to vdunmore@govmail.state.nv.us

Upon receipt by the Division of the application, the Division will notify the lending institution whether it has been accepted or denied for participation.

Invitation for Application to Participate

Application to Participate

Opinion of Counsel, Exhibit P

NHD Documents Required for Processing a Loan