Section 58-21B-2 – Findings; purpose.
A. The activities of mortgage loan originators and the origination or offering of financing for residential real property have a direct, valuable and immediate impact upon New Mexico’s consumers, New Mexico’s economy, the neighborhoods and communities of New Mexico and the housing and real estate industry. The legislature finds that accessibility to mortgage credit is […]
Section 58-21B-3 – Definitions.
As used in the New Mexico Mortgage Loan Originator Licensing Act: A. “clerical or support duties” may include, subsequent to the receipt of an application: (1) the receipt, collection, distribution and analysis of information common for the processing or underwriting of a residential mortgage loan; and (2) communicating with a consumer to obtain the information […]
Section 58-21B-4 – License and registration required to originate mortgage loans.
A. Unless specifically exempted from the New Mexico Mortgage Loan Originator Licensing Act pursuant to Subsection B of this section, an individual shall not engage in the business of a mortgage loan originator with respect to any dwelling located in New Mexico without first obtaining and maintaining annually a license pursuant to that act. Each […]
Section 58-21B-5 – State license and registration application and issuance.
A. Applicants for a license shall apply in a form as prescribed by the director. Each form shall contain content as set forth by rule, instruction or procedure of the director and may be changed or updated as necessary by the director in order to carry out the purposes of the New Mexico Mortgage Loan […]