645B.0125 - “Mortgage agent” defined. - Nevada Statutes

645B.0125  “Mortgage agent” defined.

      1.  “Mortgage agent” means:

      (a) A natural person who:

             (1) Is an employee of a mortgage broker or mortgage banker who is required to be licensed pursuant to this chapter or chapter 645E of NRS; and

             (2) Is authorized by the mortgage broker or mortgage banker to engage in, on behalf of the mortgage broker or mortgage banker, any activity that would require the person, if the person were not an employee of the mortgage broker or mortgage banker, to be licensed as a mortgage broker or mortgage banker pursuant to this chapter or chapter 645E of NRS; or

      (b) A mortgage broker, qualified employee or mortgage banker who is required by NRS 645B.405 or 645E.290 to be licensed as a mortgage agent.

      2.  The term includes a residential mortgage loan originator.

      3.  The term does not include a person who:

      (a) Except as otherwise provided in paragraph (b) of subsection 1, is licensed as a mortgage broker or mortgage banker;

      (b) Is an owner, general partner, officer or director of a mortgage broker or mortgage banker;

      (c) Performs only clerical or ministerial tasks for a mortgage broker; or

      (d) Collects payments and performs related services, including, without limitation, the modification of an existing loan, in connection with a loan secured by a lien on real property and who does not undertake any other activity that would otherwise require a license pursuant to this chapter or chapter 645E of NRS.

      (Added to NRS by 1999, 3765; A 2009, 2677)