New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL
Part 4 - HOME LOAN PROTECTION ACT - HIGH COST LOANS: REPAYMENT ABILITY
Section 12.15.4.7 - DEFINITIONS
Universal Citation: 12 NM Admin Code 12.15.4.7
Current through Register Vol. 35, No. 18, September 24, 2024
For purposes of this rule, the definitions set forth in the act and regulations adopted pursuant to the act shall apply unless otherwise noted. "Reasonably reliable documentation" means any documentation that is required by a mortgage loan company to satisfy the requirements of a loan product that meets the borrower's requested terms and qualifications, documents the source of repayment and includes verifiable written documentation obtained from the borrower or a third party. Reasonably reliable documentation may include but may not be limited to verbal verifications.
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