“Covered institution” means a mortgage servicer that:
- 1. Services, or subservices for others, 2,000 or more residential mortgage loans for structures comprised of not fewer than one unit and not more than four units, not including whole loans owned and loans being interim serviced before sale, as of the end of the most recent calendar year as reported on the mortgage call report; and
- 2. Operates in two or more states, districts or territories of the United States either currently or as of the end of the most recent calendar year.
(Added to NRS by 2025, 240)