N.M. Admin. Code § 12.19.8.12

Current through Register Vol. 35, No. 21, November 5, 2024

Section 12.19.8.12 - DISCLOSURES

A. Mortgage loan companies shall provide rate lock disclosures to and enter into signed lock-in agreements with a borrower(s). The mortgage loan company shall use a rate lock disclosure form of their choosing. The rate lock disclosure shall include the following information:

(1) a rate float option,

(2) the lock-in loan interest rate,

(3) loan pricing for the lock-in interest rate,

(4) loan terms,

(5) loan lock-in period and

(6) any fees required for an extension of the lock-in period. For the purposes of act, the term "pricing" means the yield spread premium or discounts points disclosed as a credit or charge in dollars to the borrower(s) for the loan interest rate.

B. At least two (2) days prior to closing, a mortgage loan company shall provide to the borrower(s) the following federal disclosures specific to the mortgage loan the borrower(s) is receiving:

(1) a good faith estimate and

(2) a truth in lending statement. These documents shall be used to comply with Section 58-21-31(D) and (E) NMSA 1978. For the purposes of the act, the yield spread premium or discount points received by the mortgage loan company shall be disclosed as a credit or charge in a dollar amount on all good faith estimates.

N.M. Admin. Code § 12.19.8.12

12.19.8.12 NMAC - N, 08/31/09; A, 06/01/10