Nevada Administrative Code Chapter 645F - Mortgage Lending and Related Professions
Here’s a comprehensive overview of Nevada Administrative Code Chapter 645F – Mortgage Lending and Related Professions (NAC 645F):
📚 1. General Provisions
Designation of authority: The Commissioner of Mortgage Lending may delegate duties to the Division or staff (regulations.justia.com).
Scope: Includes two main parts:
Nevada Covered Service Provider Regulations
Mortgage Servicer Regulations (mld.nv.gov, law.cornell.edu, casetext.com).
License issuance by endorsement: Out-of-state or federal licensees (e.g., covered service providers, foreclosure consultants, loan modification consultants, or mortgage servicers) can obtain Nevada licensure via endorsement if they meet comparable standards; decision must be made within 60 days (or 15 days after fingerprint/background checks or surety bonding) (law.cornell.edu).
🏛️ 2. Covered Service Provider Regulations
Definitions: “Covered service provider,” “foreclosure consultant,” “loan modification consultant,” etc., are formally defined (leg.state.nv.us).
Licensing application (§ 645F.205) requires:
Applicant business details (principal/branch locations)
Personal history forms, fingerprints, background checks
Financial statements and surety bond
Consent to credit/criminal investigation
Proof of integrity, no recent fraudulent convictions or revoked licenses (regulations.justia.com, mld.nv.gov).
Duties & conduct: Licensees must adhere to ethical and operational standards to protect homeowners during foreclosure or loan-modification processes.
🏦 3. Mortgage Servicer Regulations
Definition: A "mortgage servicer" manages mortgages on borrowers’ behalf—collecting payments, managing escrow, enforcing note/security instruments; excludes trustees under deed of trust (mld.nv.gov).
Applicability:
Those servicing loans they originated (mortgage company acting as servicer)
Those servicing third-party loans (supplemental mortgage servicer) must obtain a supplemental license (mld.nv.gov).
License requirements:
Registered through NMLS (Nationwide Multistate Licensing System)
Background checks, financial statements, surety bond per NAC 645F.605–610 (mld.nv.gov).
Must designate a qualified employee per branch (min 2 years experience, background check) (mld.nv.gov).
Reporting and oversight:
Submit annual/monthly servicing activity reports (loan counts, delinquencies, foreclosures) .
Late filings incur penalties up to $25/day, max $1,000 (mld.nv.gov).
Prohibited acts: See NAC 645F.980; includes failing to comply with law, mismanagement, deceptive practices, etc. (casetext.com).
📄 4. Definitions & Key Terms
“Mortgage loan”: Any loan secured by mortgage or deed of trust on Nevada property (residential or certain commercial) (law.cornell.edu).
Other terms defined in sections NAC 645F.005–035 (covered services, independent/associated licensees, loan modification, approved courses, hours of instruction, etc.) (leg.state.nv.us).
✅ 5. Summary of Licensing Structure
Category
Key Requirements
Covered Service Provider / Foreclosure Consultant / Loan Mod Consultant
Application, fees, fingerprints, background, financials, bond, personal vetting (regulations.justia.com)
Mortgage Servicer (incl. Supplemental)
NMLS registration, background check, bond, financials, qualified employee
Reporting & Monitoring
Regular filings, penalties for late submission
Prohibited Conduct
Non-compliance, unethical practices
📝 Bottom Line
NAC 645F governs both service providers involved in foreclosure/loan‑mod work and mortgage servicers, outlining the licensing process, required bonds and financials, operational standards, reporting burdens, and disciplinary/remedial action for misconduct.
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