This document is provided pursuant to the provisions of Nev. Admin. Code §§ 645B.235 & 645E.290, the former of which is applicable to mortgage brokers (and mortgage agents), while the latter is applicable to mortgage bankers. This disclosure is required to be provided when these types of industry participants are also receiving compensation as real estate brokers or salespersons. The text of the disclosure is set forth in these sections of administrative laws.
The Nevada Department of Mortgage Lending just modified Ibid. § 645B.235, including the text of the form required to be provided by mortgage brokers (to update references to both Federal disclosures and telephone numbers). Unfortunately, these regulations do not modify the disclosures required under Ibid. § 645E.290 which are to be provided by mortgage bankers (see Nev. Reg. LCB File No. R125-16; available online at https://www.leg.state.nv.us/register/indexes/DailyUpdates.htm).
As a result, these regulatory amendments effectively create two types of disclosures which must be provided dependent upon whether the entity providing them is a mortgage broker or mortgage banker. As such, we will be configuring the phrase “written disclosure under applicable state or federal law of” to print in lieu of the phrase “good faith estimate disclosing” in the fourth main paragraph (the latter phrase will continue to print when “Lender is a Broker” does not equal “Yes”).
We will also be updating the first phone number listed in the very last paragraph from “702.486.0780” to “(702) 486-0782.” We will also be updating the format of the second number from the “dot format” (“.”) to the “dash format (“-“).
This change is effective immediately. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
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UPDATE (3/1/2017): We have been informed that Nevada authorities are intending for the newest version of the “Borrower(s) Acknowledgment and Agreement Concerning Dual Capacity as Real Estate Sales Agent and Mortgage Loan Agent” promulgated under Nev. Admin. Code § 645B.235 to be used both by mortgage brokers under this law and mortgage bankers under Ibid. § 645E.290.
We are, therefore, revising Cx13030 to remove the “Lender is a Broker” conditions outlined above (i.e., the newest version of the form will print both for brokers and lenders). This change is effective immediately.
DR 221533