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Las Vegas Loan Modification

 

 

Loan Modification in Las Vegas, Nevada are made up of service providers, including Falcon Credit Management, that are regulated by the Division of Mortgage Lending.  The “Division” has processed over 400 hundred applications and issued 53 licenses for loan modification in total.  As of June 24, 2011 approximately 35 licensees have received a “Cease and Desist” order, revocation, or expiration of their licenses as a result of the mandatory audit performed by the “Division”.  What follows is a list of some of the primary requirements of licensure.  This is not a complete list but it is meant to provide a general understanding for the licensing requirements of members of Las Vegas Loan Modification.

Loan Modifications Video Series #1

In order to be issued a license a Las Vegas Loan Modification service provider must initially be able to satisfy:

 

  • A bond of at least $75,000 - This provides insurance in the event of any wrong-doing or misappropriations of funds;
  • An FBI background check  - This provides the ability to evaluate a licensee’s history;
  • A credit evaluation – This provides the ability to evaluate creditworthiness;
  • Child Support Statement -  This provides the ability to evaluate  any support obligations;
  • Personal History Record – This provides personal information and efficiency to the application by ejecting some applications prior to costs incurred by the FBI background check;
  • Personal Financial Questionnaire – This provides financial information that would indicate the ability to provide quality services;
  • Two completed fingerprint cards – This is done for identification and verification purposes;
  • Certificate(s) of completion of the educational requirement – This is done to evidence compliance with the educational requirements;
  • Business organization and filing requirements- This is done to evidence the companies compliance with state and local laws on business structure;
  • An additional financial statement;
  • A General Business Plan;
  • A copy of the lease or other document that includes the address of the place of business and phone number of applicant;
  • Documentation of at least 2 years experience in related fields
  • Letters of explanation for any derogatory items listed in the above submissions;
  • $750 non-refundable application fee

 

A few of the items that are required following an approval of the application for a Las Vegas Loan Modification Provider are:

 

  • Supporting documentation that the applicant is in good standing with the State of Nevada, Secretary of State;
  • A Copy of the Business license;
  • A Copy of the State of Nevada Department of Taxation Business License;
  • $500 non-refundable, non-prorated initial year licensing fee.

 

Las Vegas Loan Modification is becoming an exclusive list of service providers that welcome and appreciate the hard-work and dedication of the Division of Mortgage Lending.

Credit Service Organization License # 3501
Covered Service Provider License # 3379
8430 West Lake Mead Boulevard, Suite 106
Las Vegas, NV 89128
Telephone: 702-489-6575
Fax: 702-489-6576