Nevada Administrative Code
Chapter 645F - Mortgage Lending and Related Professions
NEVADA MORTGAGE SERVICER REGULATIONS
Standards of Practice
Section 645F.976 - Fiduciary obligation
Universal Citation: NV Admin Code 645F.976
Current through September 16, 2024
1. A mortgage servicer has a duty of good faith and fair dealing in its communications, transactions and course of dealings with each borrower in connection with the servicing of the borrower's mortgage loan.
2. In addition to any duties imposed by other statutes or at common law, a mortgage servicer shall:
(a) Safeguard and account for any money
handled for the borrower or lender.
(b) Follow reasonable and lawful instructions
from the borrower or lender.
(c)
Act with reasonable skill, care and diligence.
(d) File with the Commissioner a complete and
current schedule of the ranges of costs and fees the mortgage servicer charges
a borrower for its servicing-related activities with its application and
renewal and with any of its supplemental filings.
(e) At the time a mortgage servicer accepts
assignment of servicing rights for a mortgage loan, the mortgage servicer shall
disclose to the borrower:
(1) Any notice
required by federal law or regulation.
(2) A schedule of the ranges and categories
of its costs and fees for its servicing-related activities, which must comply
with state and federal law and which must not exceed those reported to the
Commissioner pursuant to paragraph
(d).
Added to NAC by Comm'r of Mortgage Lending by R120-15, effective upon the later of 1/1/2016 or the date this regulation is filed with the Secretary of State.
NRS 645F.255 and section 86.4 of Assembly Bill No. 480, chapter 477, Statutes of Nevada 2015, at page 2806
Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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