New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 16 - BANKING
Part 34 - LOAN IN RELIANCE UPON PRIVATE MORTGAGE INSURANCE OR GUARANTY
Section 12.16.34.8 - LOAN IN RELIANCE UPON PRIVATE MORTGAGE INSURANCE OR GUARANTY
Universal Citation: 12 NM Admin Code 12.16.34.8
Current through Register Vol. 35, No. 6, March 26, 2024
Where a state bank makes a loan in substantial reliance upon private company mortgage insurance or guaranty, the loan does not constitute a real estate loan within the meaning of Section 58-1-21 NMSA 1978, to the extent of the insurance or guaranty. Appropriate evidence to demonstrate justification for such reliance should be retained in bank's files.
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