Nevada Revised Statutes 645B.354 – Restrictions on withholding money from certain investors; loan servicing agreement may contain provision which provides written consent to withhold money
Current as of: 2022 | Check for updates
|
Other versions
1. If an investor owes money to the mortgage company who is servicing a loan or to other investors, the mortgage company shall not withhold money due the investor in order to offset the money owed to the mortgage company or to another investor, unless:
Terms Used In Nevada Revised Statutes 645B.354
- 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
(a) The mortgage company obtains the written consent of the investor who owes the money; or
(b) A court order requires the mortgage company to withhold the money.
2. A mortgage company may include in a loan servicing agreement a provision which provides written consent to withhold money due an investor in order to offset money owed by the investor to the mortgage company or other investors.