NEVADA RULES CHAPTER 645B AND 645F

The Nevada Commissioner of Mortgage Lending (“Commissioner”) recently amended rules to add provisions regarding mortgage brokers and mortgage agents (Chapter 645B) and loan modification consultants and mortgage servicers (Chapter 645F).  The rules were effective June 26, 2019.

The amended rules allow the Commissioner to issue a license by endorsement as a mortgage broker, mortgage agent, mortgage servicer, or loan modification consultant to a natural person who holds a corresponding valid and unrestricted license to engage in the activities of a mortgage broker, mortgage agent, mortgage servicer, or loan modification consultant, as applicable, in the District of Columbia or any state or territory of the United States.

The rules:

• Establish standards for the licensure by endorsement of a natural person;
• Establish a timeline for the Commissioner to request additional information related to an application, approve an application and issue a license by endorsement; and
• Establish grounds for the Commissioner to deny an application for licensure by endorsement.

The rules also establish that a natural person who has been issued a license by endorsement is subject to the same duties, restrictions, penalties, liabilities, conditions and limitations that apply to a natural person who has been issued a license which is not a license by endorsement, including those provisions of law relating to the expiration and renewal of a license.