NAC645E.355. “Complete and suitable records” interpreted for purposes of NRS 645E.350.

As used in NRS 645E.350, the Commissioner interprets “complete and suitable records” to mean:

     1. For residential mortgage loans, a file that includes, but is not limited to, the following documents, if applicable to the type and purpose of the loan:

     (a) The real estate sales contract;

     (b) Escrow instructions;

     (c) The preliminary title report;

     (d) The loan application, including, but not limited to, any attachments or supplements;

     (e) An appraisal report or any other independent assessment of the value of the mortgaged property;

     (f) Any verification of representations made by the consumer on the application for the loan;

     (g) A credit report;

     (h) A good faith estimate of closing costs, including any additional estimates if there is a material change to the original estimate, and any disclosures required pursuant to the federal Truth in Lending Act, 15 U.S.C. §§ 1601 et seq.;

     (i) The Uniform Settlement Statement, as described pursuant to 12 U.S.C. § 2603;

     (j) Any commitments made by the lender to the consumer, including, but not limited to, a commitment to guarantee the consumer a certain interest rate and a commitment to fund the loan;

     (k) A recorded or confirmed deed of trust;

     (l) The title insurance policy;

     (m) The note;

     (n) Any subsequent assignment of the loan to institutional investors;

     (o) The hazard insurance policy; and

     (p) Any additional disclosures required by state or federal law.

     2. For commercial mortgage loans that are funded by the mortgage banker, a file that includes, if applicable, the items required pursuant to paragraphs (a) to (j), inclusive, of subsection 1.

     3. Any additional books and records that must be maintained or readily accessible at each place of business of the mortgage banker, including, but not limited to:

     (a) Any book or record that evidences compliance with applicable federal and state laws and regulations;

     (b) A copy of each item of advertising material that was published or distributed by or on behalf of the mortgage banker, in the format in which the material was published or distributed;

     (c) A copy of any written complaint received by the mortgage banker, together with all correspondence, notes, responses and other documentation related to the disposition of the complaint;

     (d) All checkbooks, check registers, bank statements, deposit slips, withdrawal slips, cancelled checks and other records that relate to the business of the mortgage banker;

     (e) Copies of all federal tax withholding forms, reports of income for federal taxation and evidence of payments to all employees, independent contractors and other persons that worked for the mortgage banker;

     (f) Copies of all documents evidencing a contractual relationship between the mortgage banker and any third-party provider of services related to mortgages, including, but not limited to, contracts, invoices, billings and remittances to the provider by or on behalf of the mortgage banker;

     (g) Copies of all material correspondence related to the business of the mortgage banker, including, but not limited to, electronic messages; and

     (h) Copies of all reports, audits, examinations, inspections, reviews, investigations or other similar activities relating to the business of the mortgage banker performed by any third party, including, but not limited to, any regulatory or supervisory authority.

     (Added to NAC by Comm’r of Mortgage Lending by R088-04, eff. 8-25-2004; A by R053-08, 4-23-2009)