N.M. Admin. Code § 2.60.24.8

Current through Register Vol. 35, No. 23, December 10, 2024

Section 2.60.24.8 - REQUIREMENTS FOR MORTGAGE LENDERS

A mortgage lender which desires to participate in the STM program shall meet the following criteria:

A. If a commercial bank, its deposits must be insured by FDIC; if a savings institution, its deposits must be insured by FSLIC; and if a credit union, its deposits must be insured by NCUAB.

B. A mortgage lender must be approved by the FHA and VA to make FHA or VA loans.

C. A mortgage lender must demonstrate experience or expertise as determined by the authority in selling mortgage loans in the secondary market.

D. A mortgage lender must have a net worth of at least $250,000, and

E. A mortgage lender originating mortgage loans for the STM program must have its principal office in the state, and be authorized to initiate mortgages in the state.

N.M. Admin. Code § 2.60.24.8

Recompiled 10/1/01