NAC645H.420. Duties.

An asset management company or asset manager shall:

     1. Establish, rules, policies, procedures and systems to minimize the risk that asset management services are performed on real property other than the real property in foreclosure identified in the contractual agreement, power of attorney or other legal authorization entered into by the asset management company or asset manager.

     2. Ascertain all pertinent facts that may be reasonably ascertained concerning any real property for which asset management services are provided.

     3. Document in the service report the specific asset management services performed on real property for a client.

     4. Supervise the activities of all employees and the operation of the business. This supervision must include, without limitation, the establishment of rules, policies, procedures and systems that allow an asset management company or asset manager to review, oversee and manage:

     (a) The hiring of employees, including the use of comprehensive applications, performance of background checks and obtaining proof that the employee holds all local, state and federal licenses or permits required to perform the services for which the asset management company or asset manager uses the employee; and

     (b) The performance of field services work by an employee.

     5. Provide all employees with ongoing training regarding the rules, policies and procedures related to asset management established by the asset management company or asset manager.

     6. Keep informed of all current statutes and regulations governing asset managers and asset management companies and properly apply applicable federal, state and local laws governing the protection of homeowners and real property.

     7. Maintain a compliance and audit system to monitor internal and external performance of the business to ensure the protection of homeowners and real property.

     8. Cooperate in a timely and reasonable manner with any investigations by the Division.

     9. Have rules, policies and procedures in place to verify and respond to any complaints made by a homeowner, the Division or a related party.

     (Added to NAC by Real Estate Div. by R147-12, eff. 6-3-2013)