Nevada requires Mortgage Broker information on Loan DocumentsDate: 9/25/09 Nevada is requiring the Mortgage Broker's Name and NV license number on the Security Instrument, Note, 1003 and HUD-1. The legislation, Assembly Bill 151, was signed AND effective May 29, 2009. Prior to October 1, brokers have up to 30 days to cure any failure to comply with this requirement. On July 29, 2009, the Nevada Division of Mortgage Lending (the Division) answered the request of licensees by releasing guidance on the bill regarding the location of the broker identification. MBS-ProClose documents will print the Mortgage Broker Name and license number at the top of the Security Instruments and Notes, if a broker is used. The Division designated the space for this information on the HUD and 1003. The highest priority documents (including the NV Security Instruments and Fixed Rate Notes) are being released to all MBS clients by October 1st. Other documents, such as the ARM Notes, are being released over the next month. If you use a broker in the state of Nevada, please review your documents for this addition. Contact your Client Support Representative if you have an upcoming NV ARM loan so as to raise the priority of any needed ARM documents. Sincerely, |