Nevada Adopts Mortgage Servicer Act Rules
Nevada adopted rules amending the Mortgage Servicer Act (MSA). The adopted rules: establish requirements and application procedures for licensure; set forth the fees for application and licensure; prescribe the grounds, procedures and penalties for disciplinary action; require mortgage servicers to maintain a surety bond and a minimum net worth; and set forth recordkeeping requirements. In addition, the adopted rules set forth mortgage servicer requirements with respect to renewals, notifications, escrow accounts, payment crediting, prohibited acts and disclosures. The rules went into effect January 1, 2016.
See Nevada Mortgage Lending Division Website for the full text of the Regulations
