Title 54

NRS 645F.510 License required. Except as otherwise provided in NRS 645F.500, a person shall not engage in the business of a mortgage servicer or hold himself or herself out as a mortgage servicer in this State without a license issued pursuant to this chapter. (Added to NRS by 20…

NRS 645F.520 Regulations. 1. The Commissioner: (a) Shall adopt regulations establishing the requirements for the licensure and supervision of mortgage servicers in this State. (b) May adopt any other regulations necessary to carry out the provisions of NRS 645F.500 to 645F.540, i…

NRS 645F.530 Compliance with other laws, regulations and orders of Commissioner; authority of Commissioner to conduct examination or investigation of and to take disciplinary action against mortgage servicer or applicant for license. 1. A mortgage servicer shall comply with: (a) …

NRS 645F.535 Duty to maintain information security program; requirements. 1. A mortgage servicer shall comply with the requirements set forth in 16 C.F.R. Part 314. 2. In addition to complying with the requirements set forth in 16 C.F.R. Part 314, a mortgage servicer shall: (a) M…

NRS 645F.540 Duty to submit certain documents, fees, fines and costs through Registry; deposit of fees and costs. 1. Except as otherwise provided in NRS 645F.267 and 645F.293, the Commissioner shall require a person to submit to the Commissioner through the Registry: (a) An appli…

NRS 645F.600 Definitions. As used in NRS 645F.600 to 645F.820, inclusive, unless the context otherwise requires, the words and terms defined in NRS 645F.610 to 645F.750, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2025, 240)

NRS 645F.610 “Agency” defined. “Agency” means the: 1. Federal Home Loan Mortgage Corporation; 2. Federal National Mortgage Association; or 3. Government National Mortgage Association. (Added to NRS by 2025, 240)

NRS 645F.620 “Board of directors” defined. “Board of directors” means the formal body established by a covered institution that is responsible for corporate governance and compliance with the provisions of NRS 645F.600 to 645F.820, inclusive. (Added to NRS by 2025, 240)

NRS 645F.630 “Corporate governance” defined. “Corporate governance” means the structure of a covered institution and how the covered institution is managed, including, without limitation, the corporate rules, policies, processes and practices which are used to oversee and manage …

NRS 645F.640 “Covered institution” defined. “Covered institution” means a mortgage servicer that: 1. Services, or subservices for others, 2,000 or more residential mortgage loans for structures comprised of not fewer than one unit and not more than four units, not including whole…

NRS 645F.650 “Credit risk” defined. “Credit risk” means the potential that a borrower or counterparty will fail to perform on an obligation. (Added to NRS by 2025, 240)

NRS 645F.660 “Government-sponsored enterprise” defined. “Government-sponsored enterprise” means the: 1. Federal Home Loan Mortgage Corporation; and 2. Federal National Mortgage Association. (Added to NRS by 2025, 240)

NRS 645F.670 “Interim serviced before sale” defined. “Interim serviced before sale” means the activity of collecting a limited number of contractual mortgage payments immediately after origination on a loan held for sale but before the loan is sold into the secondary market. (Add…

NRS 645F.680 “Liquidity risk” defined. “Liquidity risk” means the potential that a covered institution: 1. Will be unable to meet its obligations as they come due because of an inability to liquidate assets or obtain adequate funding; or 2. Cannot easily unwind or offset specific…

NRS 645F.690 “Mortgage call report” defined. “Mortgage call report” means a quarterly or annual report of the origination of, servicing of and financial information on loans for residential real estate completed by entities licensed in the Registry. (Added to NRS by 2025, 240)

NRS 645F.700 “Mortgage servicing rights” defined. “Mortgage servicing rights” means the contractual right to service a residential mortgage loan on behalf of the owner of the associated mortgage in exchange for specified compensation in accordance with the servicing contract. (Ad…

NRS 645F.710 “Mortgage servicing rights investor” defined. “Mortgage servicing rights investor” means an entity which: 1. Invests in and owns mortgage servicing rights for a residential mortgage loan; and 2. Relies on subservicers to administer the loan on its behalf. (Added to N…

NRS 645F.720 “Reverse mortgage” defined. “Reverse mortgage” means a loan collateralized by real estate that: 1. Does not require contractual monthly payments; and 2. Is typically repaid upon the death of the borrower through the sale of the home or refinance by the heirs of the d…

NRS 645F.730 “Servicing liquidity” defined. “Servicing liquidity” means the financial resources necessary to manage liquidity risk arising from: 1. The functions of servicing that are required in acquiring and financing mortgage servicing rights; 2. The costs of hedging that are …

NRS 645F.740 “Subservicer” defined. “Subservicer” means a mortgage servicer performing the routine administration of a residential mortgage loan as a subservicing agent of a master servicer or mortgage servicing rights investor under the terms of a subservicing contract. (Added t…

NRS 645F.750 “Whole loan” defined. “Whole loan” means a loan for which a mortgage and the underlying credit risk is owned and held on the balance sheet of the entity with all ownership rights. (Added to NRS by 2025, 241)

NRS 645F.760 Applicability. 1. Except as otherwise provided in this section, NRS 645F.500 and 645F.820, the provisions of NRS 645F.600 to 645F.820, inclusive, apply to covered institutions. For entities within a holding company or an affiliated group of companies, the provisions …

NRS 645F.770 Financial condition; sufficiency of assets; cash management and business operating plans. 1. Except as otherwise provided in this section, a covered institution shall maintain sufficient allowable assets for liquidity, in addition to the amounts required for servicin…

NRS 645F.780 Corporate governance: Establishment of board of directors or similar body. 1. Except as otherwise provided in subsection 2, a covered institution shall establish and maintain a board of directors. 2. A covered institution may establish a body similar to a board of di…

NRS 645F.790 Corporate governance: Duties of board of directors or other body; internal audits. 1. The board of directors of a covered institution, or other body established pursuant to subsection 2 of NRS 645F.780, is responsible for the oversight of the covered institution. 2. …

NRS 645F.800 Corporate governance: External audits. 1. Each covered institution shall annually obtain an external audit conducted by an independent certified public accountant that includes, without limitation, an audit of financial statements and the preparation of a formal repo…

NRS 645F.810 Corporate governance: Risk management program; risk management assessments. 1. A covered institution shall establish a risk management program under the oversight of the board of directors of the institution or other body established pursuant to subsection 2 of NRS 6…

NRS 645F.820 Authority of Commissioner to impose additional conditions on covered institution or waive or temporarily suspend certain requirements. 1. If the Commissioner, after a formal review of a covered institution, determines that the risk to the covered institution is extre…