The Commissioner will determine the appropriate minimum initial net worth that the mortgage broker must maintain in accordance with this section based on the expected average monthly balance of the accounts held by the mortgage broker in accordance with NRS 645B. If the Commissioner so requests, a mortgage broker who is subject to the provisions of this section and their mortgage agents must submit to the Commissioner or allow the Commissioner to review any documentation or other evidence related to the determination of the mortgage broker's net worth. A) Adopt regulations that prescribe rules for determining the net worth of a mortgage broker; and.
More Articles
Should You Work with a Mortgage Broker?
When it comes to getting a mortgage, working with a mortgage broker can be beneficial in terms of time, effort and money. Learn more about what it's like to work with a mortgage broker and why you may or may not want to take advantage of this option.
What Should You Look Out For When Working With a Mortgage Broker?
When it comes to buying a home, you may come across a mortgage broker or a loan broker. Learn what potential drawbacks to consider when working with one.
Do mortgage brokers lend their own money?
This is a financial professional who brings together borrowers and lenders. They are not lenders and, as such, do not use their own funds to anticipate mortgages.
Why use a mortgage broker instead of a bank?
Working with a Mortgage Broker in Summerville SC means buying your home in bulk and not retail, which can help you with interest rates. In addition, as mentioned above, Mortgage Broker in Summerville SC may compare different prices.
