Nev. Admin. Code § 645F.Sec. 5

Current through November 25, 2024

Section 645F.Sec. 5 - NEW

The Commissioner may issue a license by endorsement as a mortgage servicer to a natural person who holds a corresponding valid and unrestricted license to engage in the activities of a mortgage servicer in the District of Columbia or any state or territory of the United States if the natural person:

1. Submits to the Commissioner all of the following:

(a) An application on a form prescribed by the Commissioner. The applicant shall include in the application his or her social security number.

(b) Proof satisfactory to the Commissioner that he or she:

(1) Holds a corresponding valid and unrestricted license to engage in the activities of a mortgage servicer in the District of Columbia or any state or territory of the United States and has held such a license for a period of at least 5 continuous years immediately preceding the date on which the application is submitted;

(2) Possesses qualifications that are equal to or substantially similar to the qualifications required for issuance of a license as a mortgage servicer in this State;

(3) Has at least 2 years of verifiable experience in the business of servicing mortgage loans, as defined in NAC 645F.957, in the District of Columbia or any state or territory of the United States within the 5 years immediately preceding the date on which the application is submitted;

(4) Is a citizen of the United States or otherwise has the legal right to work in the United States;

(5) Has not been disciplined by the corresponding regulatory authority of the District of Columbia or any state or territory of the United States in which the applicant currently holds or has held a license to engage in the activities of a mortgage servicer;

(6) Has not been held civilly or criminally liable in the District of Columbia or any state or territory of the United States for misconduct relating to his or her license to engage in the activities of a mortgage servicer;

(7) Has not had a license to engage in the activities of a mortgage servicer suspended or revoked in the District of Columbia or any state or territory of the United States;

(8) Has not been refused a license to engage in the activities of a mortgage servicer in the District of Columbia or any state or territory of the United States for any reason; and

(9) Does not have pending any disciplinary action concerning his or her license to engage in the activities of a mortgage servicer in the District of Columbia or any state or territory of the United States.

(c) A complete set of his or her fingerprints, submitted directly or through the Registry, and written permission authorizing the Commissioner to forward the fingerprints to the Central Repository for Nevada Records of Criminal History for submission to the Federal Bureau of Investigation for its report or proof that the applicant has previously passed a comparable criminal background check within the 6 months immediately preceding the date on which the application is submitted.

(d) The statement required by NAC 645F.954.

(e) Proof satisfactory to the Commissioner that the applicant and each person who will be an employee or agent of the applicant are named as principals on the corporate surety bond deposited with the Commissioner pursuant to NAC 645F.970 that is in full force and effect and satisfies the requirements of NAC 645F.970.

(f) An audited financial statement of the applicant that is prepared using the records of the activities of a mortgage servicer engaged in by the applicant in the District of Columbia or any state or territory of the United States by a certified public accountant who holds a certificate to engage in the practice of public accounting, and which complies with the requirements of NAC 645F.973 and which demonstrates that the applicant will be able to maintain continuously the minimum net worth required pursuant to NAC 645F.974.

(g) An affidavit stating that the information contained in the application and any accompanying material is true and complete.

(h) Any other information required by the Commissioner.

2. Pays the applicable fees to apply for and be issued a license as a mortgage servicer, as provided by NAC 645F.961.

Nev. Admin. Code § 645F.Sec. 5

Added to NAC by Comm'r of Mortgage Lending by R180-18A, eff. 6/12/2019

NRS 622.530, 645F.255 and 645F.520