Nevada Assembly Bill No. 468, which was enacted on June 8, 2017 and is effective January 01, 2020, repeals certain statutory provisions that regulate mortgage bankers and revises provisions of law that regulate mortgage brokers to also apply to mortgage bankers, both of which are now included in the term “mortgage company.” Section 6 of the bill defines “mortgage company” to include all persons who previously were mortgage brokers or mortgage bankers (See N.R.S. 645B.0127). As a result, DocMagic will be making the following changes on January 2nd.
- Removal of Nevada Advance Fee Agreement - Banker (Form ID: NVAFA2.MSC) from state disclosure packages, to be replaced with the Nevada Advance Fee Agreement (Form ID: NVAFA.MSC), which is revised to reflect Mortgage Company instead of Mortgage Banker.
- Addition of the Nevada Disclosure of Fees Earned by Mortgage Company (Form ID: NVDFEMB.MSC) to lender Closing, Initial and Form List packages. This disclosure was previously titled Nevada Disclosure of Fees Earned by Mortgage Brokers, and only provided in broker originated packages.
If you have any questions regarding the contents of this article, please contact DocMagic's Compliance Department.
