Nevada Laws About Servicers:

Nev. Rev. Stat. §§ 645A.010 to 645A.230 (Escrow Agents); Nev.
Rev. Stat. § 645B.170 (Mortgage Brokers and Agents); Nev.
Rev. Stat. § 645E.430 (Mortgage Bankers)

Scope: Mortgage brokers, mortgage agents, and mortgage bankers.
Exclusions: Numerous including banks, finance companies, insurance
companies regulated under other state or federal laws, lenders
whose loans are approved under certain federal programs, certain
lawyers and realtors, sellers of real property who offer credit
secured by property sold.
Transfer Notice Requirements: None specified.
Borrower Inquiries: Not specified.
Escrow Requirements:
Restrictions: Payments required to be made into escrow account
shall be in amount reasonably necessary to pay obligations as
they become due.
Recordkeeping and notice: Account to the debtor upon reasonable
notice for any funds paid into escrow account. Conduct
annual account review and, within thirty days after completion
of review, notify borrower of the amount by which the contributions
exceed the amount reasonably necessary to pay annual obligations. Within twenty days borrower may specify the disposition of the excess funds. If borrower does not specify, excess
shall remain in escrow account.
Handling of funds: Escrow funds must be kept in FDIC-insured
account, separate from lender’s own funds. Taxes and insurance
must be paid in timely fashion to avoid insurance being canceled
or taxes becoming delinquent. If deficiency exists, may request
additional funds from borrower.
Interest: Not specified.
Additional Requirements: License (§ 645A.210), surety bond
(§ 645A.041).
Private Remedies: None specified. See § 645B.0145.
State Remedies: Violation is a misdemeanor (if more than $1000
involved, it is a Class D felony).
Special Servicing Requirements for High-Cost Loans: None.

1 Comment

  1. Pingback: Nevada Laws About Servicers: « Nevada Loan Modification Attorney … |

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