645B.305 - Requirement that loan include disclosure concerning fees and specification of fee for servicing loan in certain circumstances. - Nevada Statutes

645B.305  Requirement that loan include disclosure concerning fees and specification of fee for servicing loan in certain circumstances.  A mortgage broker shall ensure that each loan secured by a lien on real property for which he or she engages in activity as a mortgage broker:

      1.  Includes a disclosure:

      (a) Describing, in a specific dollar amount, all fees earned by the mortgage broker;

      (b) Explaining which party is responsible for the payment of the fees described in paragraph (a); and

      (c) Explaining the probable impact the fees described in paragraph (a) may have on the terms of the loan, including, without limitation, the interest rates.

      2.  If a private investor has acquired a beneficial interest in the loan, includes a fee for servicing the loan which must be specified in the loan. The fee must be in an amount reasonably necessary to pay the cost of servicing the loan.

      (Added to NRS by 2007, 951; A 2009, 1556)