Nevada Adopts Regulations Related to Mortgage Brokers, Mortgage Bankers, and Escrow Agents

Nevada recently adopted regulations R125-16, R126-16, and R070-16 related to mortgage brokers, mortgage bankers, and escrow agents.

The regulations are effective as of January 27, 2017.

Adopted Regulations R125-16 and R126-16 provide in part to:

  • Make various revisions to incorporate the term “control person” into existing regulations relating to mortgage bankers, mortgage brokers, and mortgage agents.
  • Revise various provisions of existing regulations relating to the Nationwide Mortgage Licensing System and Registry to provide for persons who are not required to register with the Registry.
  • Revise provisions relating to a change of control or change of location of a mortgage banker or mortgage broker.
  • Revise provisions relating to the conduct of an examination, investigation or audit by the Commissioner.
  • Revise provisions relating to the maintenance of records by mortgage bankers and mortgage brokers and allows a mortgage banker or mortgage broker to maintain records in an electronic format under certain circumstances.
  • Require certain mortgage bankers and mortgage brokers to pay an annual fee for supervision to the Commissioner and establish the amount of the fee.
  • Establish provisions relating to mortgage bankers and mortgage brokers who act as a mortgage servicer in connection with one or more mortgage loans made or arranged by the mortgage banker or mortgage broker under his or her license as a mortgage banker or mortgage broker.

Adopted Regulation R070-16 provides in part to:

  • Require that a qualified employee be designated for each place of business identified in a license issued to the escrow agency and sets forth the requirements for designation as a qualified employee.
  • Require each escrow agency to file with the Commissioner of Mortgage Lending a semiannual activity report of the operations of the escrow agency and sets forth certain requirements for that report.
  • Revise the educational requirements for initial licensure and continuing education as an escrow agent.

For the full text of R125-16, R126-16, and R070-16, please refer to:

http://www.leg.state.nv.us/Register/2016Register/R125-16A.pdf

http://www.leg.state.nv.us/Register/2016Register/R126-16A.pdf

http://www.leg.state.nv.us/Register/2016Register/R070-16A.pdf

  • 781-402-6400

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