Section 645B.310 - Determination by Commissioner of adequate supervision of mortgage agent by mortgage brokerIn determining whether a mortgage company has maintained adequate supervision of a mortgage loan originator, the Commissioner will consider whether:
1. The mortgage company has made a reasonable effort to investigate the background and experience of a prospective mortgage loan originator and hire only a mortgage loan originator whose background and experience indicate that the person is trustworthy and competent to conduct the business of a mortgage loan originator;2. The mortgage company has adopted and followed any policies and procedures, written or oral, relating to the supervision and training of mortgage loan originators;3. The mortgage loan originator has followed the policies and procedures of the mortgage company, written or oral, governing his or her activities;4. The mortgage company 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 company require regular review of the work of a mortgage loan originator;6. The mortgage company reviewed the work of the mortgage loan originator in the case under examination by the Commissioner;7. The policies and procedures of the mortgage company include training in the requirements of this chapter and chapter 645B of NRS;8. The mortgage company makes copies of this chapter and chapter 645B of NRS available to mortgage loan originators;9. The policies and procedures of the mortgage company include a provision for continuing education for mortgage loan originators;10. The mortgage company spends a sufficient amount of time in the office where the mortgage loan originator is working;11. The mortgage company has received or acted on previous reports of alleged misconduct by the mortgage loan originator; and12. Review of the previous work of the mortgage loan originator would have disclosed a problem with the conduct or issue being examined by the Commissioner.Nev. Admin. Code § 645B.310
Added to NAC by Comm'r of Financial Institutions by R045-00, eff. 9-5-2000; A by R119-19A, eff. 11/9/2023