Section 645B.067 - Rating of mortgage broker upon completion of examinationUpon completion of an examination of a mortgage company, the examiner shall rate the mortgage company on a scale of "1" to "5," as follows:
1. A rating of "1" indicates that the mortgage company and the management of the mortgage company have demonstrated a high degree of compliance with applicable laws and regulations. A rating of "1" may be given if there is a minor violation or deficiency, but only if the mortgage company acted to correct the violation or deficiency immediately and the action taken by the mortgage company is likely to prevent future violations or deficiencies.2. A rating of "2" indicates that the mortgage company and the management of the mortgage company have demonstrated substantial compliance with applicable laws and regulations and that any deficiencies noted in the report made by the examiner pursuant to NAC 645B.068 can be corrected by the mortgage company with a minimum of regulatory supervision. A rating of "2" may be given if there is more than one minor violation or deficiency, but only if the mortgage company acted to correct the violations or deficiencies immediately and the action taken by the mortgage company is likely to prevent future violations or deficiencies.3. A rating of "3" indicates that the mortgage company and the management of the mortgage company have demonstrated less than satisfactory compliance with applicable laws and regulations and that regulatory supervision is required for the correction of the violations and deficiencies noted in the report made by the examiner pursuant to NAC 645B.068. A rating of "3" may be given if there were minor violations or deficiencies from a previous examination that were not corrected.4. A rating of "4" indicates that the mortgage company and the management of the mortgage company have demonstrated substantial lack of compliance with applicable laws and regulations and that immediate remedial action is required for the correction of the violations and deficiencies noted in the report made by the examiner pursuant to NAC 645B.068. The mortgage company will be subject to close regulatory supervision, and the examiner will recommend disciplinary action against the mortgage company to the Commissioner.5. A rating of "5" indicates that the mortgage company and the management of the mortgage company have demonstrated unsatisfactory compliance with applicable laws and regulations and that immediate remedial action is required for the correction of the violations and deficiencies noted in the report made by the examiner pursuant to NAC 645B.068 and may include action by the Commissioner to take possession of the business and assets of the mortgage company. The examiner will recommend disciplinary action against the mortgage company to the Commissioner.Nev. Admin. Code § 645B.067
Added to NAC by Comm'r of Mortgage Lending by R087-04, eff. 8-31-2004; A by R119-19A, eff. 11/9/2023