New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS
Part 35 - REAL ESTATE AND OTHER LOANS
Section 12.20.35.15 - FARMERS HOME ADMINISTRATION RURAL HOUSING PROGRAM GUARANTEED LOANS
Universal Citation: 12 NM Admin Code 12.20.35.15
Current through Register Vol. 35, No. 18, September 24, 2024
A. General: An association may invest in loans on residential real estate guaranteed under the farmers home administration (FmHA) rural housing program, without regard to other provisions in this regulation or the Savings and Loan Act.
B. Limitations:
(1) FmM shall guarantee at least 80 percent
of the principal amount and accrued interest of each loan made under the
program.
(2) The loan terms must be
acceptable to FmHA.
(3) An
association may invest up to the greater of 2.5 percent of its assets or
one-half of its net worth in the aggregate outstanding balance of the
non-guaranteed portions of all loans made under the program and held by the
association.
C. Record keeping: An association shall maintain records to verify compliance with the requirements for each investment made under this section including the loan note guarantee, lender's agreement, and documentation that the investment limitation has not been exceeded.
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.
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