Nev. Admin. Code § 319.476 - Purchase of mortgage loans: Mortgage purchase agreement; notice to applicant

1. For each mortgage loan which is purchased pursuant to a program, the Division will enter into a mortgage purchase agreement with a participating lending institution pursuant to which the participating lending institution agrees to sell to the Division all the right, title and interest of the institution in the mortgage loan that is referenced in the mortgage purchase agreement.

2. In making its decision to purchase a mortgage loan, the Division must have the financial records of the applicant for the mortgage loan at its disposal. The Division will issue to the applicant a notice which states substantially the following:

Regarding your application for a home loan, pursuant to a program of the Housing Division of this State, the Division has examined your application file and financial records. This notice is sent to you pursuant to subsection 3 of NRS 239A.090 to notify you that the examination of your financial records has occurred and the reason for the examination. The examination included a review of all documents submitted with the application, including financial records, credit reports, income tax information and supporting documents.

The decision on the loan has been communicated to your lender who will communicate with you.

Notes

Nev. Admin. Code § 319.476

Housing Division, Loans for Single-Family Homes Reg. §§ 8 & 9, eff. 5-8-78; A and renumbered as § 8, 7-23-80-NAC A by R166-99, 6-15-2000-Substituted in revision for NAC 319.510

NRS 319.140, 319.210