NRS 598D.120 Repurchase of home loan by lender who sold home loan.

282 words·~1 min read·/nv/chapter-598d-unfair-lending-practices/598d-120·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. If an action has been filed in a court of competent jurisdiction claiming an unfair lending practice in connection with a home loan, the lender who holds the home loan may sell the home loan and recover damages and costs as provided in this section if the lender did not:

(a)Originate the home loan; and

(b)Willfully engage in any unfair lending practice described in this chapter in connection with the home loan.

2. The lender described in subsection 1 may require the person from whom the lender purchased the home loan described in subsection 1 to:

(a)Repurchase the home loan for the amount the lender paid for the home loan; and

(b)Pay to the lender all damages and reasonable costs incurred by the lender that are related to:

(1)The purchase of the home loan by the lender from the person;

(2)Any damages awarded in the action described in subsection 1;

(3)Any costs related to the action described in subsection 1;

(4)The repurchase of the home loan by the lender if the lender was required to repurchase the home loan from another lender pursuant to this section; and

(5)The repurchase of the home loan from the lender by the person pursuant to this section.

3. The person described in subsection 2:

(a)Shall repurchase the home loan and pay the damages and costs as described in subsection 2; and

(b)After repurchasing the home loan, may sell the home loan and recover damages and costs as provided in this section if he or she is a lender described in subsection 1.