Current through September 16, 2024
As used in NRS 645B.080, the Commissioner interprets
"complete and suitable records" to mean all books, accounts, records and
documents of the business conducted by the mortgage company which enable the
Commissioner to determine whether the business of the mortgage company is
conducted in compliance with this chapter, chapter 645B of NRS and any other
applicable law. The term includes, without limitation:
1. For a loan secured by a dwelling, a file
that includes, but is not limited to, the following documents, if applicable to
the type and purpose of the loan:
(a) The real
estate sales contract;
(b) Escrow
instructions;
(c) The preliminary
title report;
(d) The loan
application, including, but not limited to, any attachments or
supplements;
(e) An appraisal
report or any other independent assessment of the value of the mortgaged
property;
(f) Any verification of
representations made by the consumer on the application for a
mortgage;
(g) A credit
report;
(h) Any commitments made by
the lender to the consumer, including, but not limited to, a commitment to
guarantee the consumer a certain interest rate and a commitment to fund the
loan; and
(i) Any disclosures
required by state or federal law.
2. For a loan secured by commercial property,
a file that must include all the items required pursuant to subsection 1, if
applicable.
3. For a loan brokered
to a private investor, a file that must include all the items required pursuant
to subsection 1, if applicable, and any additional documents or disclosures
required pursuant to this chapter, chapter 645B of NRS or federal law,
including, but not limited to:
(a) The
original documents subject to the provisions of NAC 645B.080 or
645B.215;
(b) All disclosures
required pursuant to NRS 645B.185 and 645B.186, and NAC 645B.210 and 645B.220;
and
(c) If the mortgage company
maintains any account pursuant to NRS 645B.175, the mortgage company must
include records that demonstrate compliance with the provisions of NRS 645B.115 and NAC 645B.150 and 645B.160 and any other applicable law.
4. For a loan funded by the mortgage company,
a file that must include all the items required pursuant to subsection 1 and
all closing documentation, including, but not limited to, a recorded or
confirmed deed of trust, the title insurance policy, the note, the hazard
insurance policy and any subsequent assignment to additional investors.
Assignments to private investors must comply with all documentation
requirements of this chapter and chapter 645B of NRS.
5. For a mortgage loan made or arranged by
the mortgage company pursuant to chapter 645B of NRS for which the mortgage
company is acting as the mortgage servicer, a file that includes, but is not
limited to, the items required pursuant to subsection 1, if applicable to the
type and purpose of the loan:
(a) A loan
history for each mortgage loan upon which payments are received or made by the
mortgage company which itemizes the amount and date of each payment and the
unpaid balance at all times;
(b)
The original or an exact copy of each note, mortgage, deed of trust or other
evidence of indebtedness and any assignment;
(c) The name and address of the mortgage
company or lender, if any, involved in the mortgage loan transaction;
(d) A copy of any servicing
agreement;
(e) A copy of any
disclosures or notifications provided to the borrower which are required by
state or federal law or regulation;
(f) A copy of any bankruptcy plan approved in
a proceeding filed by a borrower or co-owner of real property subject to a
mortgage loan;
(g) A communication
log which documents all verbal or written communications with a borrower or a
borrower's representative; and
(h)
A copy of all notices sent to the borrower relating to any foreclosure
proceeding filed against the encumbered property.
6. Any additional books and records that must
be maintained or readily accessible at each place of business of the mortgage
company, including, but not limited to, any branch office as applicable to the
operations of the mortgage company, including:
(a) Any book or record that evidences
compliance with applicable federal and state laws and regulations;
(b) A copy of each item of advertising
material that was published or distributed by or on behalf of the mortgage
company in the format in which the material was published or
distributed;
(c) A copy of any
written complaint against the mortgage company, together with all
correspondence, notes, responses and other documentation related to the
disposition of the complaint;
(d)
All checkbooks, check registers, bank statements, deposit slips, withdrawal
slips, cancelled checks and other records that relate to the business of the
mortgage company;
(e) Copies of all
federal tax withholding forms, reports of income for federal taxation and
evidence of payments to all employees, independent contractors and other
persons that worked for the mortgage company;
(f) Copies of all documents evidencing a
contractual relationship between the mortgage company and any third-party
provider of services related to mortgages, including, but not limited to,
contracts, invoices, billings and remittances to the third-party provider of
services related to mortgages, by or on behalf of the mortgage
company;
(g) Copies of all material
correspondence related to the business of the mortgage company, including, but
not limited to, electronic messages; and
(h) Copies of all reports, audits,
examinations, inspections, reviews, investigations or other similar activities
relating to the business of the mortgage company performed by any third party,
including, but not limited to, any regulatory or supervisory
authority.
Added to NAC by Comm'r
of Mortgage Lending by R087-04, eff. 8-31-2004; A by R058-08, 4-23-2009; A by
R125-16A,
eff. 1/27/2017; A
by
R119-19A,
eff. 11/9/2023
NRS 645B.060,
645B.080
