Nevada Administrative Code
Chapter 645B - Mortgage Brokers and Mortgage Agents
SUPERVISION BY COMMISSIONER
Records and Reports
Section 645B.070 - Monthly reports

Universal Citation: NV Admin Code 645B.070

Current through September 16, 2024

1. Each mortgage company shall submit, for each month, on a form approved by the Commissioner, a report on the volume of loans arranged in that month, unless the Commissioner waives the requirement pursuant to subsection 3 of NRS 645B.080. If the mortgage company is performing loan servicing and maintains any accounts described in subsection 4 of NRS 645B.175, the monthly report must include the information required pursuant to subsections 2 and 3. Unless the requirement to submit a monthly report is waived by the Commissioner pursuant to subsection 3 of NRS 645B.080, the monthly report must be submitted to the Commissioner by the 15th day of the month following the month for which the report was made. If no loans were arranged in that month, the report must state that fact.

2. If, on the last day of any month, a debtor has failed to make two or more consecutive payments in accordance with the terms of the loan, a mortgage company who is performing loan servicing and maintains any accounts described in subsection 4 of NRS 645B.175 shall:

(a) Include in his or her report to the Commissioner:
(1) The name, address and telephone number of the debtor;

(2) The total number and amount of any payments made on the current delinquency;

(3) The outstanding balance of the loan and any accrued interest on the last day of the month for which the report is submitted;

(4) A statement of whether the loan has been declared to be in default and, if so, the nature of any actions that have been taken because of the default;

(5) The date on which the mortgage company sent the notice to investors required pursuant to paragraph (b) of this subsection and paragraph (b) of subsection 1 of NRS 645B.260; and

(6) If the loan is an insider loan, a statement disclosing that fact.

(b) Mail a notice containing the following information to the last known address of each investor who owns a beneficial interest in the loan not later than 15 days after the last day of each such month:
(1) The name, address and telephone number of the debtor;

(2) The total number of months and days that the debtor has failed to make a payment;

(3) The outstanding balance of the loan and any accrued interest on the last day of the month for which the notice is submitted; and

(4) A statement of whether the loan has been declared to be in default and, if so, the nature of any actions that have been taken because of the default.

3. If the mortgage company is not servicing any loans in which a debtor has failed to make two or more consecutive payments in accordance with the terms of the loan, the monthly report required pursuant to subsection 1 must state that fact.

4. The mortgage company must comply with the provisions of subsection 2 each month until:

(a) The debtor or his or her designee remedies the delinquency in payments and any default; or

(b) The lien securing the loan is extinguished.

5. The Commissioner may refuse to renew the license of a mortgage company who has not submitted a monthly report required by subsection 1 for 1 or more of the preceding 12 months.

6. As used in this section, "insider loan" has the meaning ascribed to it in NAC 645B.038.

Comm'r of Savings Associations, Mortgage Reg. § 7, eff. 6-29-82-NAC A by Admstr. of Financial Institutions, 6-29-84; A by Comm'r of Financial Institutions by R045-00, 9-5-2000; A by Comm'r of Mortgage Lending by R056-08, 4-23-2009; R by R125-16A, eff. 1/27/2017; A by R178-18A, eff. 6/13/2019; A by R119-19A, eff. 11/9/2023

NRS 645B.060, 645B.080

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