NEVADA Mortgage Law Changes

COLLEAGUES:

 

FRIDAY, FEBRUARY 6TH AT 8 AM IS A JOINT WAYS AND MEANS AND SENATE FINANCE COMMITTEE HEARING ON THE PROPOSED MERGER OF THE MORTGAGE LENDING DIVISION AND THE FINANCIAL INSTITUTIONS DIVISION.  I HAVE ATTACHED A MEMO WITH MANY REASONS WHY THIS IS NOT A GOOD IDEA FOR OUR PROFESSION AS WELL AS SOME COMMENTS I HAVE RECEIVED BY OUR COLLEAGUES.  ADDITIONALLY, I HAVE DRAFTED A SAMPLE EMAIL YOU MAY WANT TO CONSIDER PERSONALIZING AND SENDING TO THE MEMBERS OF THE WAYS AND MEANS COMMITTEE AND SENATE FIANACE COMMITTEE.  AT THE END OF THIS EMAIL ARE THEIR ADDRESSES FOR YOUR CONVENIENCE.  JUST CUT AND PASTE AS YOU LIKE.  IF YOU HAVE A PERSONAL RELATIONSHIP WITH A LEGISLATOR, BE SURE TO PERSONALIZE YOUR EMAIL. IF YOU WOULD LIKE TO KNOW WHO YOUR LEGISLATORS ARE, YOU CAN FIND OUT ON THE LEGISLATIVE WEBSITE http://www.leg.state.nv.us <http://www.leg.state.nv.us/> 

 

 THE CORRECT SALUTAION FOR OUR ESTEEMED ELECTED OFFICIAL IS “Assemblyman,” “Assemblywoman,” or “Senator,” as appropriate.  Assemblywoman Barbara Buckley is properly addressed as “Madam Speaker.”  Senator Horsford is properly addressed as “Leader Horsford.”

 

FEEL FREE TO FORWARD THESE MATERIALS TO COLLEAGUES, CLIENTS, VENDORS, OR ANYONE YOU THINK MIGHT BE INTERESTED IN THIS IMPORTANT ISSUE. 

 

 

 

Dear Legislator:

 

            I am writing today to share my thoughts regarding the Governor’s Budget recommendation to merge the Mortgage Lending Division (MLD) with the Financial Institutions Division (FID.)  As a professional active in the mortgage industry, I am concerned this merger will diminish the regulatory oversight currently being performed by the MLD  Nevada is one of the top states for mortgage fraud.  Maintaining an effective and vigilant regulatory structure is essential to keep our industry operating successfully for our clients.  

 

            Mortgage lending can be a complex and difficult transaction.  It’s important to have a regulator that understands the complexities and is dedicated to enforcing the statutes and regulations intended to protect consumers.  While the Financial Institutions Division does an excellent job regulating its licensees, having a division dedicated to mortgage brokers, bankers, and agents helps the industry focus on effective and efficient resolutions to complex problems that arise in regulation.  Consumers benefit when they have a division within State government that understands their problems and issues.  Prior to the establishment of the MLD in 1999, many issues regarding licensees, consumers, and regulators were delayed or ignored by the Financial Institutions Division because the mortgage lending business was not the priority of the Division.  Establishing the MLD elevated the mortgage lending business as a profession, licensing brokers and registering agents, and establishing education requirements for licensees.  It gives consumers a specific place to go to address their problems.  Great strides have been made since 1999 and it would be regrettable to diminish the professionalism of mortgage brokers and agents by eliminating the MLD.  It would be a step backward for consumers to be mixed in with the consumers of banks, credit unions, thrifts, and other financial institutions when they want help with their mortgage issues.  

 

            In summary, the Mortgage Lending Division is funded by the fees paid by the licensees, not the State General Fund.   The most effective regulation comes from a partnership between the licensee and the regulator.  Having a division in State Government dedicated to effective regulation of a complex business is vital to maintaining consumer protection.  

 

            Thank you for taking the time to consider my views.  Feel free to contact me if I can provide additional information. 

 

marberry@asm.state.nv.us; bbuckley@asm.state.nv.us; mconklin@asm.state.nv.us; mdenis@asm.state.nv.us; sanjoe@embarqmail.com; ekoivisto@asm.state.nv.us; sleslie@asm.state.nv.us; kmcclain@asm.state.nv.us; joceguera@asm.state.nv.us; dsmith@asm.state.nv.us; hgansert@asm.state.nv.us; tgrady@asm.state.nv.us; jhardy@asm.state.nv.us; pgoicoechea@asm.state.nv.us.  bmathews@sen.state.nv.us; shorsford@sen.state.nv.us; bcoffin@sen.state.nv.us; jwoodhouse@sen.state.nv.us; wraggio@sen.state.nv.us; drhoads@sen.state.nv.us; whardy@sen.state.nv.us. 

 

 

 

 

 

David Goldwater, President

 

Goldwater Capital Nevada, Llc.

 

 3259 E. Warm Springs Rd.

 

Las Vegas, NV 89120

 

http://www.goldcapnv.com

 

(702) 933 2366 (o)

 

(702) 933 2490 (f)

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