Nevada Origination Reference Guide
- Kacey Olson
Owned by Kacey Olson
Aug 29, 2017
2 min read
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| Citation | Topic | Requirement |
Advance Fee Agreement | Must be provided prior to accepting advance payments to cover reasonably estimated costs paid to third persons if the funds are not placed in escrow. | |
Borrower(s) Acknowledgment and Agreement Concerning Dual Capacity | A mortgage banker, mortgage broker, mortgage agent or qualified employee who is also licensed as a real estate broker or real estate salesperson and who acts in both capacities in a single transaction must disclose this to the borrower. | |
| Unfair Lending Practices Act / Nev. Rev. Stat. §598D.100(1)(b) | Commercially Reasonable Means or Mechanism Worksheet | Licensees must review and verify with borrowers all of the information contained in the home loan application. The worksheet may be used to document for examination purposes that these discussions and verifications have occurred. |
| Mortgage Broker Act / Nev. Rev. Stat. §645B.305(1) | Disclosure of Fees Earned by Mortgage Broker | Since not all fees to be earned will be known until the loan closes, the disclosure may be given at or prior to consummation of the loan. With respect to mortgage brokers arranging private investor loans, the disclosure may be given with the furnishing of the Mortgage Information Disclosure Statement or at any time prior to accepting money from the investor. |
| Mortgage Broker Act / Nev. Rev. Stat. §645B.307 | Disclosure of License Number | A mortgage broker must ensure that each loan secured by a lien on real property for which the mortgage broker engages in activity as a mortgage broker includes, if the mortgage broker is not registered with the NMLS, the license number of the mortgage broker, or any identifying number issued by the NMLS. |
| Mortgage Broker Act / Nev. Rev. Stat. §645B.186(1) | Mortgage Broker Disclosure of Involvement | A mortgage broker must provide a Disclosure of Involvement if the mortgage broker (or any general partner, officer or director of the mortgage broker, or a relative of any person) is licensed as, conducts business as or holds a controlling interest or position in 1 of the following persons or entities: (1) a construction control; (2) an escrow agency or escrow agent; or (3) a title insurer or an escrow officer of a title agent or title insurer. |
| Property Rights and Transactions / Nev. Rev. Stat. §111.220 | Mortgage Loan Commitment | Every promise or commitment to loan money or to grant or extend credit of at least $100,000 made by a person engaged in the business of lending money or extending credit is void, unless the agreement is in writing, and subscribed by the lender. |