New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 19 - MORTGAGE LENDING
Part 8 - MORTGAGE LOAN COMPANY REQUIREMENTS
Section 12.19.8.12 - DISCLOSURES
Universal Citation: 12 NM Admin Code 12.19.8.12
Current through Register Vol. 35, No. 18, September 24, 2024
A. Mortgage loan companies shall provide rate lock disclosures to and enter into signed lock-in agreements with a borrower(s). The mortgage loan company shall use a rate lock disclosure form of their choosing. The rate lock disclosure shall include the following information:
(1) a rate float
option,
(2) the lock-in loan
interest rate,
(3) loan pricing for
the lock-in interest rate,
(4) loan
terms,
(5) loan lock-in period and
(6) any fees required for an
extension of the lock-in period. For the purposes of act, the term "pricing"
means the yield spread premium or discounts points disclosed as a credit or
charge in dollars to the borrower(s) for the loan interest rate.
B. At least two (2) days prior to closing, a mortgage loan company shall provide to the borrower(s) the following federal disclosures specific to the mortgage loan the borrower(s) is receiving:
(1) a good faith estimate and
(2) a truth in lending statement. These
documents shall be used to comply with Section 58-21-31(D) and (E) NMSA 1978.
For the purposes of the act, the yield spread premium or discount points
received by the mortgage loan company shall be disclosed as a credit or charge
in a dollar amount on all good faith estimates.
Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
