Mortgage Industry: Overview
If you are a mortgage lender, broker, or mortgage loan originator; this page will lead you to mortgage industry information primarily focused on the statutory requirements for the State of New Mexico. In addition you will find licensing information per the Nationwide Mortgage Licensing System and Registry (NMLS).
If you are a consumer, realize that one purpose of the Financial Institutions Division is consumer protection. Homeowners and homebuyers can find useful mortgage loan information, frequently asked questions about mortgage lending, and complaint procedures.
NMAC § 18.104.22.168 “POINTS AND FEES” EXCLUSION FOR UPFRONT PREMIUM PRIVATE MORTGAGE INSURANCE:
In reference to 58-21A-3(M)(1)(d)(14) NMSA 1978, the “percentage rate” will be set biannually on the financial institutions division’s mortgage lending website on the first business day in January and July.
The New Mexico Home Loan Protection Act Points and Fees Threshold Exclusion - Upfront Private Mortgage Insurance: Effective January 1, 2015, the maximum percentage of upfront premium private mortgage insurance that is excluded from the Home Loan Protection Act 58-21A-3 (M)(1)(d)(14) NMSA 1978, Points and Fees threshold test is 3.3%.