‘Loan modification consultant’ means a person who, directly or indirectly, makes any solicitation, representation or offer to a homeowner to perform for compensation, or who, for compensation, performs any act that the person represents will adjust the terms of a mortgage loan in a manner not provided for in the original or previously modified mortgage loan. Such an adjustment includes, without limitation:

Terms Used In Nevada Revised Statutes 645F.365

  • Forbearance: A means of handling a delinquent loan. A
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039

1.  A change in the payment amount;

2.  A change in the loan amount;

3.  A loan forbearance;

4.  A change in the loan maturity; and

5.  A change in the interest rate.

  Previous section
Next section  
 General Provisions Contents