|This course includes the following:|
Hour Online SAFE PE – New Mexico State Law
This course covers New Mexico law and regulations pertaining to Mortgage Loan Originator licensing and is structured to reflect the outline of the New Mexico State License Exam. During this 3-hour pre-licensing course covering New Mexico mortgage law, we will cover several laws including:
o Division’s Regulation 12.19.1 NMAC – General Provisions
o Division’s Regulation 12.19.8 NMAC – Mortgage Loan Company Requirements
o Division’s Regulation 12.15.3 NMAC HLPA – General Provisions (Definitions)
o Division’s Regulation 12.19.2 NMAC – Mortgage Loan Originator Requirements
The course is divided into five sections:
Section 1: State Regulatory Agency – Covers the Regulatory authority, structure, and responsibilities and limitations of the New Mexico Financial Institutions Division.
Section 2: State Law and Regulation Definitions – Summarizes the intent and purpose of each law, and provides a review of the unique definitions found therein.
Section 3: New Mexico License Law and Regulations – Covers persons required to be licensed, licensee qualifications and the application process, the grounds for denying a license and license maintenance.
Section 4: Compliance – Details prohibited conduct and practices, required conduct, fees and charges, disclosures and agreements, advertising and trust account requirements.
Section 5: Disciplinary action – Discusses notifications, hearings and appeals, then suspension, revocation and rescission of licenses, and finally, penalties/fines and civil and criminal liability under Chapter 58, Article 21B NMSA 1978.
Overall Learning Objectives
Upon successful completion of this course you will have a strong understanding of the laws and regulations specific to mortgage loan originators and lenders in the state of New Mexico. You will also have the information needed to pass the New Mexico State Exam.