1 Hour NM SAFE Continuing Education Course: New Mexico Home Loan Protection & Enforcement: #19070

Description

New Mexico protects mortgage borrowers through a layered set of statutes administered by the Financial Institutions Division of the Regulation and Licensing Department. Two of those layers stand out. The Home Loan Protection Act is New Mexico’s anti-predatory-lending law, setting hard limits on the terms and practices a home loan may carry. The New Mexico Mortgage Loan Originator Licensing Act sets out the prohibited acts that bind every licensed originator, and it backs them with an unusually broad, three-track enforcement scheme. Notably, the two connect: originating a loan whose terms violate the Home Loan Protection Act is itself a prohibited act for an originator.

This one-hour New Mexico state-specific elective is organized into two chapters, each anchored by a real case. Chapter 1 covers the Home Loan Protection Act and examines the New Mexico Supreme Court decision that defined its central standard. Chapter 2 covers the prohibited acts and the three enforcement tracks, and examines a New Mexico Attorney General enforcement action.

Contents

1. The Home Loan Protection Act
2. Prohibited Acts and Multi-Track Enforcement
3. Final Exam