New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL
Part 3 - HOME LOAN PROTECTION ACT- GENERAL PROVISIONS
Section 12.15.3.13 - CREDIT PROPERTY INSURANCE
Universal Citation: 12 NM Admin Code 12.15.3.13
Current through Register Vol. 35, No. 18, September 24, 2024
For purposes of the act, the term "credit property insurance," does not include fire and hazard insurance, flood insurance, federal housing administration (FHA) mortgage insurance, veteran's administration (VA) loan guarantees, guaranteed rural housing (GRH) loan guarantees and private mortgage insurance that would compensate the holder of a home loan directly for any shortfall between the value of the real property securing the loan and the amount owed on an obligation in default.
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