MLD Updates


4th Annual Consumer Fraud Prevention Fair

Notice of Public Meetings of the Mortgage Lending Division with Agendas

REGULATORY HEARINGS ON PROPOSED REGULATIONS (2018)

Revised Proposed Regulations of the Commissioner of Mortgage Lending to amend NAC Chapters 645A, 645B, and 645F.

Based upon certain statutory changes made by the Nevada Legislature in 2017 (see links to Senate Bills 69 and 498 provided below), the Commissioner made proposed conforming changes and/or other revisions as required to the Nevada Administrative Code (“NAC”), Chapters 645A (governing escrow agencies and escrow agents); 645B (governing mortgage brokers and mortgage agents); 645E (governing mortgage bankers); and 645F (governing covered service providers, foreclosure consultants, loan modification consultants, and mortgage servicers).
  
Having conducted duly-noticed workshops to discuss and consider the proposed regulatory revisions to each of these chapters on June 26, 2018, the Commissioner has scheduled hearings to adopt its revised proposed regulations on March 7, 2019, for NAC 645A, NAC 645B, and NAC 645F. (See links to each respective Notice of Intent to Act Upon a Regulation, Notice of Hearing for Adoption of Regulations, respecting NAC 645A, NAC 645B, and NAC 645F, as well as the text of the revised proposed regulations regarding each, below). Also provided below are links to the Small Business Impact Statements concerning the effect(s) that the proposed regulatory changes may have upon small businesses. The Division neither foresees that any of the proposed regulatory revisions will unnecessarily burden the business activity of a small business, nor that they are likely to restrict the formation, operation or expansion of a small business.
     
Note that pending further consideration of the proposals by the Nevada Legislative Counsel Bureau, the Commissioner has not yet scheduled an adoption hearing concerning the proposed regulatory amendments to NAC 645E.

    Revised Proposed Regulations Amending NAC 645A

    Revised Proposed Regulations Amending NAC 645B

    Revised Proposed Regulations Amending NAC 645F

    Should you wish to submit written comments concerning any of the revised proposed regulations prior to the scheduled hearings, including e-mailed transmissions, please assure that they are received by the Division on or before 5:00 p.m. PST, February 8, 2019, at:

    Division of Mortgage Lending
    Attn: Cathy Sheehy, Commissioner
    3300 W. Sahara Ave., Suite 285
    Las Vegas, NV 89102
    Fax: (702) 486-0785
    mldinfo@mld.nv.gov


    The Division requests that all submitted comments specifically identify the particular NAC Chapter of concern.

      PERTINENT NEVADA LEGISLATION ENACTED IN 2017

      Senate Bill 69 (2017 legislation)
      Senate Bill 69, a Governor-sponsored bill which was signed into law during the 79th (2017) session of the Nevada Legislature, requires among other things, that a regulatory body adopt regulations providing for issuance of a license by endorsement, including the occupations and professions under the jurisdiction of the Division, as governed by NRS chapters 645A, 645B, 645E, and 645F.
        
      While the text of this legislation is provided in the link below, it is also available for viewing with its complete legislative history, on the website of the Nevada Legislature at https://www.leg.state.nv.us/Session/79th2017/Reports/

      Senate Bill 498 (2017 legislation)

      As also enacted into law during the 2017 session of the Nevada Legislature, Assembly Bill 498, effective January 1, 2018, amended NRS 645B and NRS 645E to change certain requirements for continuing education, examinations, and submission of monthly activity reports.
         
      While the text of this legislation is provided in the in the link below, it is also available for viewing with its complete legislative history, on the website of the Nevada Legislature at https://www.leg.state.nv.us/Session/79th2017/Reports/

      Assembly Bill 468 (2017 legislation)

      Assembly Bill 468 (2017) legislation)

      Generally not effective until January 1, 2020, as specified in the state’s 2017 enacted legislation subject of Assembly 468, Chapter 645E of the NRS will be repealed with the substance thereof being transferred to and encompassed within the controlling statutory authority of Chapter 645B; the independently designated terms “mortgage broker” and “mortgage banker” will be singularly defined as “mortgage company” as contained in NRS 645B; and the term “mortgage agent” will be substituted by the term “mortgage loan originator” in NRS 645B.
        
      While the text of this legislation is provided in the link below, it is also available for viewing with its complete legislative history, on the website of the Nevada Legislature at https://www.leg.state.nv.us/Session/79th2017/Reports/

      Important Reminder for Mortgage Servicers and Supplemental Mortgage Servicers

      Nevada Annual Mortgage Servicing Volume Reports, for the period ending December 31, 2018, are due by March 31, 2019. Please download and complete the form and submit it to the Division via e-mail at MLDinfo@mld.nv.gov. In the subject line please indicate “Annual Mortgage Servicing Volume Report”.

      Reports received after March 31st will accrue a late penalty of $25 per day.

      Did your license expire December 31st, 2018?

      A Cancelled License can be reinstated on or before February 28th 2019. Submit the renewal application, required Information, and reinstatement fee through NMLS. Please Visit the NMLS Annual Renewal Information page for more Information.

        National PHH Settlement Contact Information

        Toll-free number with Live Customer Service Support:
        1-877-657-9154 (English and Spanish are available)

        Website:  www.nationalphhsettlement.com or www.NationalMortgageSettlementPHHClaim.com

        Address:
        National PHH Settlement Administrator
        PO Box 91
        Minneapolis, MN 55440-0091

        Upcoming Meeting Information

        Upcoming Meeting Information

        Physical location Originating Site | Call in to teleconference Teleconference remote site | Remote viewing of conference online Video Conference remote site | View events and/or documents online View Online
        Upcoming Meeting Information
        DateLocationAgendaMinutesAttachments
        Regulatory Hearing on Proposed Regulations - LCB File R178-18
        03/07/2019
        09:00 AM
        Tahoe Room, 4th Floor, Suite #430 - 3300 W. Sahara Avenue - Las Vegas, NV 89102
        Suite 100, Conference Room - 1830 College Parkway - Carson City, NV 89706
        AgendaNotice of Hearing
        Regulatory Hearing on Proposed Regulations - LCB File R177-18
        03/07/2019
        10:00 AM
        Tahoe Room, 4th Floor, Suite #430 - 3300 W. Sahara Avenue - Las Vegas, NV 89102
        Suite 100, Conference Room - 1830 College Parkway - Carson City, NV 89706
        AgendaNotice of Hearing
        Regulatory Hearing On Proposed Regulations - LCB File R180-18
        03/07/2019
        11:00 AM
        Tahoe Room, 4th Floor, Suite #430 - 3300 W. Sahara Avenue - Las Vegas, NV 89102
        Suite 100, Conference Room - 1830 College Parkway - Carson City, NV 89706
        AgendaNotice of Hearing - LCB File R180-18