2013 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 21B - New Mexico Mortgage Loan Originator Licensing
Section 58-21B-3 - Definitions. (2009)


NM Stat § 58-21B-3 (2013) What's This?

58-21B-3. Definitions. (2009) 
As used in the New Mexico Mortgage Loan Originator Licensing Act:
A.   "clerical or support duties" may include, subsequent to the receipt of an application: 
(1)   the receipt, collection, distribution and analysis of information common for the processing or underwriting of a residential mortgage loan; and 
(2)   communicating with a consumer to obtain the information necessary for the processing or underwriting of a loan, to the extent that such communication does not include offering or negotiating loan rates or terms or counseling consumers about residential mortgage loan rates or terms;
B.   "depository institution" has the same meaning as the definition of depository institution in Section 3 of the Federal Deposit Insurance Act and includes any credit union; 
C.   "director" means the director of the financial institutions division of the regulation and licensing department;
D.   "dwelling" means a residential structure that contains one to four units whether or not that structure is attached to real property.  "Dwelling" includes an individual condominium unit, an individual cooperative unit, a mobile home and a trailer if used as a residence;
E.   "federal banking agencies" means the board of governors of the federal reserve system, the comptroller of the currency, the director of the office of thrift supervision, the national credit union administration and the federal deposit insurance corporation;
F.   "immediate family member" means a spouse, child, sibling, parent, grandparent or grandchild, and "immediate family member" includes a stepparent, a stepchild, a stepsibling and an adoptive relationship;
G.    "individual" means a natural person;
H.   "license" means a license issued pursuant to Section 6 [58-21B-6 NMSA 1978] of the New Mexico Mortgage Loan Originator Licensing Act; 
I.   "loan processor or underwriter" means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person licensed, or exempt from licensing, pursuant to the Mortgage Loan Company Act [58-21-1 NMSA 1978];
J.   "mortgage loan company" means any person defined as such in the Mortgage Loan Company Act; 
K.   "mortgage loan originator" means an individual who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan.  "Mortgage loan originator" does not include:
(1)   an individual engaged solely as a loan processor or underwriter except as otherwise provided in Subsection I of this section;
(2)   a person that only performs real estate brokerage activities and is licensed or registered in accordance with New Mexico law, unless the person is compensated by a lender, a mortgage loan company or other mortgage loan originator or by any agent of such lender, mortgage loan company or other mortgage loan originator; and
(3)   a person solely involved in extensions of credit relating to timeshare plans, as that term is defined in Section 101(53D) of Title 11 of the United States Code; 
L.   "nationwide mortgage licensing system and registry" means a mortgage licensing system developed and maintained by the conference of state bank supervisors and the American association of residential mortgage regulators for the licensing and registration of licensed mortgage loan originators;
M.   "nontraditional mortgage product" means any mortgage product other than a thirty-year fixed rate mortgage;
N.   "person" means a natural person, corporation, company, limited liability company, partnership or association;
O.   "real estate brokerage activity" means any activity that involves offering or providing real estate brokerage services to the public, including:
(1)   acting as a real estate agent or real estate broker for a buyer, seller, lessor or lessee of real property;
(2)   bringing together parties interested in the sale, purchase, lease, rental or exchange of real property; 
(3)   negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental or exchange of real property, other than in connection with providing financing with respect to any such transaction; 
(4)   engaging in any activity for which a person engaged in the activity is required to be registered or licensed as a real estate agent or real estate broker pursuant to any applicable law; and
(5)   offering to engage in any activity or to act in any capacity described in Paragraphs (1) through (4) of this subsection; 
P.   "registered mortgage loan originator" means any individual who: 
(1)   meets the definition of mortgage loan originator and is an employee of: 
(a)   a depository institution; 
(b)   a subsidiary that is:  1) owned and controlled by a depository institution; and 2) regulated by a federal banking agency; or
(c)   an institution regulated by the farm credit administration; and
(2)   is registered with, and maintains a unique identifier through, the nationwide mortgage licensing system and registry;
Q.   "residential mortgage loan" means any loan primarily for personal, family or household use that is secured by a mortgage, deed of trust or other equivalent consensual security interest on a dwelling or on residential real estate upon which is constructed or is intended to be constructed a dwelling as so defined;
R.   "residential real estate" means any real property located in New Mexico upon which is constructed or intended to be constructed a dwelling; 
S.   "servicer" means a person that collects or receives payments, including principal, interest and trust items such as hazard insurance, property taxes and other amounts due, on behalf of a note holder or investor in accordance with the terms of a residential mortgage loan, and includes working with a borrower on behalf of a note holder or investor, when the borrower is in financial hardship or default, to modify either temporarily or permanently the terms of an existing residential mortgage loan; and
T.   "unique identifier" means a number or other identifier assigned by protocols established by the nationwide mortgage licensing system and registry.
History: Laws 2009, ch. 122, § 3.

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