The language in Nev. Admin. Code 645B.235 was updated per Nevada Legislative Counsel Bureau (LCB) File No. R119-19 on November 9, 2023. This language change affects MLD Form 505 “Dual Capacity Borrower Acknowledgment” which is provided by the Nevada Division of Mortgage Lending.
Docutech contacted the Nevada Division of Mortgage Lending and was told that it is unknown when the Division will update MLD Form 505.
To maintain document compliance, Docutech has updated Cx13030 “Nevada Acknowledgment of Dual Capacity” to mirror the language in Nev. Admin. Code 645B.235. The changes are:
- The MLD License Number and NMLS ID fields have been removed.
- The Borrower’s Initials fields have been removed.
- The reference to MLD Form 505 and its revision date have been removed.
- References to mortgage companies, mortgage loan originators, and qualified employees have been updated.
- New Yield Spread Premium language has been added in the following text in bold:
“The mortgage company must provide you with a written disclosure under applicable state or federal law of all estimated costs of the loan, including the yield spread premium (YSP.) The YSP is income paid to a mortgage company upon delivery of a mortgage loan to a lender at a premium interest rate.”
These changes are available for testing on Stage & Stage 2 servers and will take effect on February 8, 2024. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.