Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › GENERAL PROVISIONS › Section 645F.Sec. 5 - NEW

Current through June 11, 2024
The Commissioner may issue a
						license by endorsement as a mortgage servicer to a natural person who holds a
						corresponding valid and unrestricted license to engage in the activities of a
						mortgage servicer in the District of Columbia or any state or territory of the
						United States if the natural person:
1.
						Submits to the Commissioner all of the following:
(a) An application on a form prescribed by
						the Commissioner. The applicant shall include in the application his or her
						social security number.
(b) Proof
						satisfactory to the Commissioner that he or she:
(1) Holds a corresponding valid and
						unrestricted license to engage in the activities of a mortgage servicer in the
						District of Columbia or any state or territory of the United States and has
						held such a license for a period of at least 5 continuous years immediately
						preceding the date on which the application is submitted;
(2) Possesses qualifications that are equal
						to or substantially similar to the qualifications required for issuance of a
						license as a mortgage servicer in this State;
(3) Has at least 2 years of verifiable
						experience in the business of servicing mortgage loans, as defined in NAC
						645F.957, in the District of
						Columbia or any state or territory of the United States within the 5 years
						immediately preceding the date on which the application is submitted;
(4) Is a citizen of the United States or
						otherwise has the legal right to work in the United States;
(5) Has not been disciplined by the
						corresponding regulatory authority of the District of Columbia or any state or
						territory of the United States in which the applicant currently holds or has
						held a license to engage in the activities of a mortgage servicer;
(6) Has not been held civilly or criminally
						liable in the District of Columbia or any state or territory of the United
						States for misconduct relating to his or her license to engage in the
						activities of a mortgage servicer;
(7) Has not had a license to engage in the
						activities of a mortgage servicer suspended or revoked in the District of
						Columbia or any state or territory of the United States;
(8) Has not been refused a license to engage
						in the activities of a mortgage servicer in the District of Columbia or any
						state or territory of the United States for any reason; and
(9) Does not have pending any disciplinary
						action concerning his or her license to engage in the activities of a mortgage
						servicer in the District of Columbia or any state or territory of the United
						States.
(c) A complete
						set of his or her fingerprints, submitted directly or through the Registry, and
						written permission authorizing the Commissioner to forward the fingerprints to
						the Central Repository for Nevada Records of Criminal History for submission to
						the Federal Bureau of Investigation for its report or proof that the applicant
						has previously passed a comparable criminal background check within the 6
						months immediately preceding the date on which the application is
						submitted.
(d) The statement
						required by NAC
						645F.954.
(e) Proof satisfactory to the Commissioner
						that the applicant and each person who will be an employee or agent of the
						applicant are named as principals on the corporate surety bond deposited with
						the Commissioner pursuant to NAC
						645F.970 that is in full force
						and effect and satisfies the requirements of NAC
						645F.970.
(f) An audited financial statement of the
						applicant that is prepared using the records of the activities of a mortgage
						servicer engaged in by the applicant in the District of Columbia or any state
						or territory of the United States by a certified public accountant who holds a
						certificate to engage in the practice of public accounting, and which complies
						with the requirements of NAC
						645F.973 and which demonstrates
						that the applicant will be able to maintain continuously the minimum net worth
						required pursuant to NAC
						645F.974.
(g) An affidavit stating that the information
						contained in the application and any accompanying material is true and
						complete.
(h) Any other information
						required by the Commissioner.