Nevada adopted rules amending requirements under the Mortgage Banker Act. Under the adopted rules, mortgage bankers that service Nevada mortgage loans made or arranged by the mortgage banker are subject to additional requirements and duties (including additional reporting requirements and a duty of good faith and fair dealing with borrowers). The adopted rules also require mortgage bankers to pay an annual supervision fee based on the mortgage banker’s annual loan volume. In addition, the adopted rules amend requirements with respect to exemptions, notifications, advertisements and recordkeeping. The adopted rules went into effect January 27, 2017.
See Nevada Mortgage Lending Division Website for the full text of the Regulations
