Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › SUPERVISION BY COMMISSIONER › Examinations, Audits and Investigations › Section 645B.067 - Rating of mortgage broker upon completion of examination

Current through June 11, 2024
Upon completion of an examination of a mortgage company, the
				  examiner shall rate the mortgage company on a scale of "1" to "5," as
				  follows:
1. A rating of "1" indicates
				that the mortgage company and the management of the mortgage company have
				demonstrated a high degree of compliance with applicable laws and regulations.
				A rating of "1" may be given if there is a minor violation or deficiency, but
				only if the mortgage company acted to correct the violation or deficiency
				immediately and the action taken by the mortgage company is likely to prevent
				future violations or deficiencies.
2. A rating of "2" indicates that the
				mortgage company and the management of the mortgage company have demonstrated
				substantial compliance with applicable laws and regulations and that any
				deficiencies noted in the report made by the examiner pursuant to NAC 645B.068 
				can be corrected by the mortgage company with a minimum of regulatory
				supervision. A rating of "2" may be given if there is more than one minor
				violation or deficiency, but only if the mortgage company acted to correct the
				violations or deficiencies immediately and the action taken by the mortgage
				company is likely to prevent future violations or deficiencies.
3. A rating of "3" indicates that the
				mortgage company and the management of the mortgage company have demonstrated
				less than satisfactory compliance with applicable laws and regulations and that
				regulatory supervision is required for the correction of the violations and
				deficiencies noted in the report made by the examiner pursuant to NAC 645B.068.
				A rating of "3" may be given if there were minor violations or deficiencies
				from a previous examination that were not corrected.
4. A rating of "4" indicates that the
				mortgage company and the management of the mortgage company have demonstrated
				substantial lack of compliance with applicable laws and regulations and that
				immediate remedial action is required for the correction of the violations and
				deficiencies noted in the report made by the examiner pursuant to NAC 645B.068.
				The mortgage company will be subject to close regulatory supervision, and the
				examiner will recommend disciplinary action against the mortgage company to the
				Commissioner.
5. A rating of "5"
				indicates that the mortgage company and the management of the mortgage company
				have demonstrated unsatisfactory compliance with applicable laws and
				regulations and that immediate remedial action is required for the correction
				of the violations and deficiencies noted in the report made by the examiner
				pursuant to NAC 645B.068  and may include action by the Commissioner to take
				possession of the business and assets of the mortgage company. The examiner
				will recommend disciplinary action against the mortgage company to the
				Commissioner.
Added to NAC by Comm'r
				  of Mortgage Lending by R087-04, eff. 8-31-2004;	A
				  by
				  R119-19A,
				  eff. 11/9/2023
NRS 645B.060