N.M. Admin. Code § 12.16.34.8
Current through Register Vol. 35, No. 23, December 10, 2024
Where a state bank makes a loan in substantial reliance upon private company mortgage insurance or guaranty, the loan does not constitute a real estate loan within the meaning of Section 58-1-21 NMSA 1978, to the extent of the insurance or guaranty. Appropriate evidence to demonstrate justification for such reliance should be retained in bank's files.
N.M. Admin. Code § 12.16.34.8