Requirement that loan include disclosure concerning fees. [Effective through December 31, 2019.]

  1. Law
  2. Nevada Revised Statutes
  3. Mortgage Companies and Mortgage Loan Originators
  4. Requirement that loan include disclosure concerning fees. [Effective through December 31, 2019.]

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A mortgage broker shall ensure that each loan secured by a lien on real property for which he or she engages in activity as a mortgage broker includes a disclosure:

1. Describing, in a specific dollar amount, all fees earned by the mortgage broker;

2. Explaining which party is responsible for the payment of the fees described in subsection 1; and

3. Explaining the probable impact the fees described in subsection 1 may have on the terms of the loan, including, without limitation, the interest rates.

(Added to NRS by 2007, 951; A 2009, 1556; 2011, 3617)


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