Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › LICENSING AND OPERATION OF MORTGAGE BROKERS › Section 645B.0375 - Professional conduct

Current through June 11, 2024
1. In addition to
			 any other duty imposed by this chapter or chapter 645B of NRS or any other
			 applicable law, a mortgage company who acts as a mortgage servicer in
			 connection with one or more mortgage loans which the mortgage company made or
			 arranged under his or her license as a mortgage company:
(a) Has a duty of good faith and fair dealing
			 in the communications, transactions and course of dealings of the mortgage
			 company with each borrower in connection with the servicing of the mortgage
			 loan of the borrower;
(b) Shall:
(1) Safeguard and account for any money
			 handled for the borrower and, if applicable, investor;
(2) Follow reasonable and lawful instructions
			 from the borrower and, if applicable, investor;
(3) Act with reasonable skill, care and
			 diligence;
(4) Comply with all
			 applicable federal laws and regulations relating to mortgage servicing,
			 including, without limitation, the Real Estate Settlement Procedures Act,  12 U.S.C. §§
											2601  et seq., and the Truth in Lending Act,  15 U.S.C. §§
											1601  et seq., and any regulations adopted pursuant
			 thereto;
(5) File annually with the
			 Commissioner a complete schedule of the ranges of costs and fees charged to a
			 borrower by the mortgage company for the activities of the mortgage company
			 relating to mortgage servicing; and
(6) File quarterly, directly with the
			 Commissioner or through the Registry to the Commissioner, on a date and in a
			 form prescribed by the Commissioner, a report of the mortgage servicing
			 activity that the mortgage company performs in this State on loans that the
			 mortgage company made or arranged under his or her license as a mortgage
			 company issued pursuant to chapter 645B of NRS, which must include, without
			 limitation:
(I) The total number of mortgage
			 loans serviced by the mortgage company;
(II) The total dollar amount of mortgage
			 loans serviced by the mortgage company;
(III) The types and characteristics of
			 mortgage loans serviced by the mortgage company and
(IV) Any other information required by the
			 Commissioner; and
(c) Shall not:
(1) Transfer the servicing of a mortgage loan
			 to another person unless the person holds a license as a mortgage servicer or
			 is a person exempt from licensing as a mortgage servicer pursuant to chapter
			 645F of NRS and chapter 645F of NAC;
(2) Directly or indirectly employ any scheme,
			 device or artifice to defraud or mislead a borrower or investor or to defraud
			 any person;
(3) Fail to apply
			 mortgage loan payments in accordance with a servicing agreement or the terms of
			 a note; or
(4) Fail to properly
			 apply payments to an escrow account, fail to place in a trust or escrow account
			 held by a federally insured depository financial institution all money that is
			 received by the mortgage company from the borrower or fail to account for all
			 money received or disbursed for a trust or escrow
			 account.