New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS
Part 35 - REAL ESTATE AND OTHER LOANS
Section 12.20.35.9 - INSURED AND GUARANTEED RESIDENTIAL REAL ESTATE LOANS
Universal Citation: 12 NM Admin Code 12.20.35.9
Current through Register Vol. 35, No. 18, September 24, 2024
A. Loans that are insured or guaranteed by a public mortgage insur or may be made in amounts and with terms and conditions of repayment acceptable to the insuring or guaranteeing agency.
B. A loan is insured or guaranteed by a public mortgage insurer if:
(1) it comes
within the definitions of Sections 541.10 or 541.13 of the regulations for the
federal savings and loan system, or within the provisions of Title X of the
National Housing Act; or
(2) it is
insured or guaranteed by an agency or instrumentality of a state (a) whose full
faith and credit is pledged to support the insurance or guarantee, or (b) whose
insurance or guarantee program is approved by the federal home loan mortgage
corporation or the federal national mortgage association.
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