New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL
Part 3 - HOME LOAN PROTECTION ACT- GENERAL PROVISIONS
Section 12.15.3.9 - PUBLISHED ANNUAL YIELD ON CONVENTIONAL MORTGAGES
Universal Citation: 12 NM Admin Code 12.15.3.9
Current through Register Vol. 35, No. 18, September 24, 2024
The phrases "most recently published annual yield on conventional mortgages published by the board of governors of the federal reserve system as of the fifteenth day of the month immediately preceding the month in which the application for the extension of credit is received by the creditor," as used in Section 58-21A-3(F) NMSA 1978, and "conventional mortgage rate" as used in Section 58-21A-3(C) (F) and (G) (1) NMSA 1978, refer to the conventional mortgage index published in the federal reserve "selected interest rates" (statistical release H-15). The creditor must use the most recently published weekly yield immediately preceding the 15th.
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