Section 645B.0375 - Professional conduct1. In addition to any other duty imposed by this chapter or chapter 645B of NRS or any other applicable law, a mortgage company who acts as a mortgage servicer in connection with one or more mortgage loans which the mortgage company made or arranged under his or her license as a mortgage company: (a) Has a duty of good faith and fair dealing in the communications, transactions and course of dealings of the mortgage company with each borrower in connection with the servicing of the mortgage loan of the borrower;(b) Shall: (1) Safeguard and account for any money handled for the borrower and, if applicable, investor;(2) Follow reasonable and lawful instructions from the borrower and, if applicable, investor;(3) Act with reasonable skill, care and diligence;(4) Comply with all applicable federal laws and regulations relating to mortgage servicing, including, without limitation, the Real Estate Settlement Procedures Act, 12 U.S.C. §§ 2601 et seq., and the Truth in Lending Act, 15 U.S.C. §§ 1601 et seq., and any regulations adopted pursuant thereto;(5) File annually with the Commissioner a complete schedule of the ranges of costs and fees charged to a borrower by the mortgage company for the activities of the mortgage company relating to mortgage servicing; and(6) File quarterly, directly with the Commissioner or through the Registry to the Commissioner, on a date and in a form prescribed by the Commissioner, a report of the mortgage servicing activity that the mortgage company performs in this State on loans that the mortgage company made or arranged under his or her license as a mortgage company issued pursuant to chapter 645B of NRS, which must include, without limitation:(I) The total number of mortgage loans serviced by the mortgage company;(II) The total dollar amount of mortgage loans serviced by the mortgage company;(III) The types and characteristics of mortgage loans serviced by the mortgage company and(IV) Any other information required by the Commissioner; and(c) Shall not: (1) Transfer the servicing of a mortgage loan to another person unless the person holds a license as a mortgage servicer or is a person exempt from licensing as a mortgage servicer pursuant to chapter 645F of NRS and chapter 645F of NAC;(2) Directly or indirectly employ any scheme, device or artifice to defraud or mislead a borrower or investor or to defraud any person;(3) Fail to apply mortgage loan payments in accordance with a servicing agreement or the terms of a note; or(4) Fail to properly apply payments to an escrow account, fail to place in a trust or escrow account held by a federally insured depository financial institution all money that is received by the mortgage company from the borrower or fail to account for all money received or disbursed for a trust or escrow account.2. In addition to any other remedies provided by law, a violation of any applicable federal laws or regulations relating to mortgage servicing shall be deemed to be a violation of this section and a basis for the imposition of disciplinary action by the Commissioner pursuant to this chapter and chapter 645B of NRS.3. As used in this section, "mortgage servicer" has the meaning ascribed to it in NRS 645F.063.Nev. Admin. Code § 645B.0375
Added to NAC by Commr of Mortgage Lending by R125-16A, eff. 1/27/2017; A by R119-19A, eff. 11/9/2023