Summary

This course covers New Mexico law and regulations pertaining to Mortgage Loan Originator licensing and is structured to reflect the outline of the New Mexico State License Exam.  During this 3-hour pre-licensing course covering New Mexico mortgage law, we will cover several pertinent New Mexico laws.

Description

The modules included are:

• Chapter 58, Article 21 NMSA 1978 (58-21-1 through 58-21-32) – Mortgage Loan Company Act

o    Division’s Regulation 12.19.1 NMAC – General Provisions

o    Division’s Regulation 12.19.8 NMAC – Mortgage Loan Company Requirements

• Chapter 58, Article 21A NMSA 1978 (58-21A-1 through 58-21A-14) – Home Loan Protection Act

o    Division’s Regulation 12.15.3 NMAC  HLPA – General Provisions (Definitions)

• Chapter 58, Article 21B NMSA 1978 (58-21B-1 through 58-21B-24) – New Mexico Mortgage Loan Originators Licensing Act

o    Division’s Regulation 12.19.2 NMAC – Mortgage Loan Originator Requirements

The course is divided into five sections: 

Section 1: State Regulatory Agency - Covers the Regulatory authority, structure, and responsibilities and limitations of the New Mexico Financial Institutions Division.

Section 2: State Law and Regulation Definitions – Summarizes the intent and purpose of each law, and provides a review of the unique definitions found therein. 

Section 3: New Mexico License Law and Regulations – Covers persons required to be licensed, licensee qualifications and the application process, the grounds for denying a license and license maintenance. 

Section 4: Compliance – Details prohibited conduct and practices, required conduct, fees and charges, disclosures and agreements, advertising and trust account requirements.

Section 5: Disciplinary action – Discusses notifications, hearings and appeals, then suspension, revocation and rescission of licenses, and finally, penalties/fines and civil and criminal liability under Chapter 58, Article 21B NMSA 1978.