NAC645B.310. Determination by Commissioner of adequate supervision of mortgage agent by mortgage broker.

In determining whether a mortgage broker has maintained adequate supervision of a mortgage agent, the Commissioner will consider whether:

     1. The mortgage broker has made a reasonable effort to investigate the background and experience of a prospective mortgage agent and hire only a mortgage agent whose background and experience indicate that the person is trustworthy and competent to conduct the business of a mortgage agent;

     2. The mortgage broker has adopted and followed any policies and procedures, written or oral, relating to the supervision and training of mortgage agents;

     3. The mortgage agent has followed the policies and procedures of the mortgage broker, written or oral, governing his or her activities;

     4. The mortgage broker has established and followed a system of review for compliance with his or her written or oral policies and procedures;

     5. The policies and procedures of the mortgage broker require regular review of the work of a mortgage agent;

     6. The mortgage broker reviewed the work of the mortgage agent in the case under examination by the Commissioner;

     7. The policies and procedures of the mortgage broker include training in the requirements of this chapter and chapter 645B of NRS;

     8. The mortgage broker makes copies of this chapter and chapter 645B of NRS available to mortgage agents;

     9. The policies and procedures of the mortgage broker include a provision for continuing education for mortgage agents;

     10. The mortgage broker spends a sufficient amount of time in the office where the mortgage agent is working;

     11. The mortgage broker has received or acted on previous reports of alleged misconduct by the mortgage agent; and

     12. Review of the previous work of the mortgage agent would have disclosed a problem with the conduct or issue being examined by the Commissioner.

     (Added to NAC by Comm’r of Financial Institutions by R045-00, eff. 9-5-2000)