Nevada § 107.540 - Single point of contact required to be established by mortgage servicer for foreclosure prevention alternative; responsibilities

§ 107.540. Single point of contact required to be established by mortgage servicer for foreclosure prevention alternative; responsibilities

1. If a borrower requests a foreclosure prevention alternative, the mortgage servicer

must promptly establish a single point of contact and provide to the borrower one

or more direct means of communication with the single point of contact. 2. A single point of contact is responsible for: (a) Communicating the process by which a borrower may apply for an available foreclosure

prevention alternative and the deadline for any required submissions to be considered

for the foreclosure prevention alternatives. (b) Coordinating receipt of all documents associated with the available foreclosure

prevention alternatives and notifying the borrower of any missing documents necessary

to complete an application for a foreclosure prevention alternative. (c) Having access to current information and personnel sufficient to timely, accurately

and adequately inform the borrower of the current status of the foreclosure prevention

alternative. (d) Ensuring that the borrower is considered for all foreclosure prevention alternatives

offered by, or through, the mortgage servicer and for which the borrower is or may

be eligible. (e) Having access to a person or persons with the ability and authority to stop the

foreclosure process when necessary. 3. A single point of contact must remain assigned to the borrower's account until

the mortgage servicer determines that all foreclosure prevention alternatives offered

by, or through, the mortgage servicer have been exhausted or the borrower's account

becomes current. 4. The mortgage servicer shall ensure that a single point of contact refers and transfers

a borrower to an appropriate supervisor upon request of the borrower, if the single

point of contact has a supervisor. 5. If the responsibilities of a single point of contact are performed by a team of

personnel, the mortgage servicer must ensure that each member of the team is knowledgeable

about the borrower's situation and current status in the process of seeking a foreclosure

prevention alternative. 6. As used in this section, “ single point of contact ” means a natural person or a team of personnel each of whom has the ability and authority

to perform the responsibilities described in this section.