Nevada Revised Statutes 645B.305 – Requirement that loan include disclosure concerning fees
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A mortgage company shall ensure that each loan secured by a lien on real property for which he or she engages in activity as a mortgage company includes a disclosure:
Terms Used In Nevada Revised Statutes 645B.305
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- mortgage: includes a deed of trust. See Nevada Revised Statutes 0.037
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
1. Describing, in a specific dollar amount, all fees earned by the mortgage company;
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.