645B.310 - Requirements for mortgage broker to assign interest in loan. - Nevada Statutes

645B.310  Requirements for mortgage broker to assign interest in loan.  A mortgage broker shall not assign all or a part of his or her interest in a loan secured by a lien on real property, unless the mortgage broker:

      1.  Obtains a policy of title insurance for the real property;

      2.  Obtains the approval of the assignment from each investor who has acquired ownership of or a beneficial interest in the loan if, at the time of the assignment, the debtor on the loan has defaulted in making a payment required for the loan or any portion of the loan; and

      3.  Records the assignment in the office of the county recorder of the county in which the real property is located.

      (Added to NRS by 1985, 2185; A 1999, 3800; 2007, 959)