Nevada Administrative Code
Chapter 645F - Mortgage Lending and Related Professions
NEVADA MORTGAGE SERVICER REGULATIONS
Standards of Practice
Section 645F.983 - Maintenance of books, accounts, records and documents

Universal Citation: NV Admin Code 645F.983

Current through September 16, 2024

1. Each mortgage servicer shall keep and maintain, and make available for examination by the Commissioner, at all times at the principal office of the mortgage servicer, complete and suitable books, accounts, records and documents of all business conducted by the mortgage servicer to enable the Commissioner to determine whether the business of the mortgage servicer is conducted in compliance with chapter 645F of NRS, the Nevada Mortgage Servicer Regulations or any other applicable law.

2. If a mortgage servicer does not maintain the books, accounts, records and documents described in subsection 1 in this State, the mortgage servicer shall provide such records to the Commissioner within 5 business days after the request or the mortgage servicer shall pay the reasonable travel, lodging and meal expenses of the examiner as provided in NAC 645F.961.

3. The books, accounts, records and documents described in subsection 1 must include, without limitation:

(a) A loan history for each mortgage loan upon which payments are received or made by the mortgage servicer, itemizing 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 lender and mortgage company, if any, involved in the mortgage loan transaction.

(d) Copies of any servicing agreements.

(e) Copies of any disclosures or notifications provided to a borrower 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 communications log that documents all verbal or written communications with a borrower or borrower's representative.

(h) A copy of all notices sent to a borrower related to any foreclosure proceeding filed against the encumbered property.

(i) All checkbooks, check registers, bank statements, deposit and withdrawal slips, cancelled checks and any other record that relates to the business of the mortgage servicer.

(j) All records related to escrow or trust accounts.

(k) Copies of all reports, audits, examinations, inspections, reviews, investigations or other similar activities relating to the business of the mortgage servicer performed by any third party, including, without limitation, any regulatory or supervisory authority.

4. Each mortgage servicer shall preserve and keep available for examination by the Commissioner the records described in subsection 3 for a period of at least 4 years after the date of the last activity relating to the transaction.

Added to NAC by Comm'r of Mortgage Lending by R120-15, effective upon the later of 1/1/2016or the date this regulation is filed with the Secretary of State; A by R119-19A, eff. 11/9/2023

NRS 645F.255, 645F.520

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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