NAC645B.067. Rating of mortgage broker upon completion of examination.

Upon completion of an examination of a mortgage broker, the examiner shall rate the mortgage broker on a scale of “1” to “5,” as follows:

     1. A rating of “1” indicates that the mortgage broker and the management of the mortgage broker have demonstrated a high degree of compliance with applicable laws and regulations. A rating of “1” may be given if there is a minor violation or deficiency, but only if the mortgage broker acted to correct the violation or deficiency immediately and the action taken by the mortgage broker is likely to prevent future violations or deficiencies.

     2. A rating of “2” indicates that the mortgage broker and the management of the mortgage broker have demonstrated substantial compliance with applicable laws and regulations and that any deficiencies noted in the report made by the examiner pursuant to NAC 645B.068 can be corrected by the mortgage broker with a minimum of regulatory supervision. A rating of “2” may be given if there is more than one minor violation or deficiency, but only if the mortgage broker acted to correct the violations or deficiencies immediately and the action taken by the mortgage broker is likely to prevent future violations or deficiencies.

     3. A rating of “3” indicates that the mortgage broker and the management of the mortgage broker have demonstrated less than satisfactory compliance with applicable laws and regulations and that regulatory supervision is required for the correction of the violations and deficiencies noted in the report made by the examiner pursuant to NAC 645B.068. A rating of “3” may be given if there were minor violations or deficiencies from a previous examination that were not corrected.

     4. A rating of “4” indicates that the mortgage broker and the management of the mortgage broker have demonstrated substantial lack of compliance with applicable laws and regulations and that immediate remedial action is required for the correction of the violations and deficiencies noted in the report made by the examiner pursuant to NAC 645B.068. The mortgage broker will be subject to close regulatory supervision, and the examiner will recommend disciplinary action against the mortgage broker to the Commissioner.

     5. A rating of “5” indicates that the mortgage broker and the management of the mortgage broker have demonstrated unsatisfactory compliance with applicable laws and regulations and that immediate remedial action is required for the correction of the violations and deficiencies noted in the report made by the examiner pursuant to NAC 645B.068 and may include action by the Commissioner to take possession of the business and assets of the mortgage broker. The examiner will recommend disciplinary action against the mortgage broker to the Commissioner.

     (Added to NAC by Comm’r of Mortgage Lending by R087-04, eff. 8-31-2004)