New Mexico Mortgage Loan Originator

Which state agency regulates mortgage loan originators in New Mexico?

• ANM Public Regulation Commission
• BNM Financial Institutions Division
• CNM Real Estate Commission
• DNM Department of Insurance

How many hours of NMLS-approved pre-license education are required to become an MLO in New Mexico?

• A15 hours
• B20 hours
• C24 hours
• D30 hours

What type of foreclosure is primarily used in New Mexico?

• ANon-judicial foreclosure
• BJudicial foreclosure
• CStrict foreclosure
• DPower of sale only

What is the minimum surety bond amount required for MLO licensees in New Mexico?

• A$10,000
• B$25,000
• C$50,000
• D$100,000

Under New Mexico's judicial foreclosure process, what must the lender file to initiate foreclosure?

• AA notice of default with the county recorder
• BA foreclosure complaint with the district court
• CA request with the Financial Institutions Division
• DA notice of sale in the newspaper

Which New Mexico statute is the primary law governing mortgage lending?

• ANM Mortgage Loan Originator Licensing Act (NMSA 58-21A)
• BNM Banking Act
• CNM Securities Act
• DNM Real Property Law

What continuing education must New Mexico MLOs complete annually?

• A4 hours
• B8 hours
• C12 hours
• D16 hours

What is the right of redemption period after a judicial foreclosure sale in New Mexico?

• ANo right of redemption
• B30 days
• C9 months after the foreclosure sale
• DOne year

What is New Mexico's usury limit for residential mortgage loans?

• A6% per year
• B10% per year
• C15% per year
• DNo specific statutory usury limit for licensed lenders on residential mortgages

What does the New Mexico Home Loan Protection Act protect against?

• AProperty tax increases
• BPredatory lending practices in high-cost home loans
• CInsurance claim denials
• DTitle defects

Under NM FID regulations, what enforcement actions can be taken against an MLO who violates state law?

• AOnly a written warning
• BLicense revocation or suspension, civil penalties, cease and desist orders, and restituti…
• COnly referral to law enforcement
• DOnly a fine of up to $500

What disclosure requirements does New Mexico impose on MLOs?

• ANo state-specific disclosures
• BOnly the interest rate
• CComprehensive disclosures of all loan terms, fees, costs, and borrower rights under state…
• DOnly closing costs

How long does the typical judicial foreclosure process take in New Mexico?

• A30-60 days
• B90-120 days
• C6-12 months
• DExactly 3 months

What background check requirements must NM MLO applicants satisfy?

• AOnly a state background check
• BOnly a credit report
• CFBI criminal background check through fingerprinting and a credit report
• DNo background check required

Under NM law, what is the borrower's right to cure a mortgage default?

• ANo right to cure exists
• BThe borrower must cure within the court-set timeline after the foreclosure complaint is s…
• COnly 10 days
• D90 days automatically

What trust account requirements exist for NM mortgage professionals?

• ANo requirements exist
• BFunds may be commingled
• CTrust funds must be held in separate federally insured accounts, segregated from company…
• DTrust accounts are only needed for loans over $100,000

What is the penalty for originating loans without a license in New Mexico?

• AA warning letter
• BA $200 fine
• CCivil penalties, potential criminal prosecution, and any loans originated may be voidable
• DNo penalty

A New Mexico borrower believes their MLO charged predatory fees. What recourse exists?

• ANo recourse after closing
• BFile a complaint with the NM Financial Institutions Division and pursue civil remedies un…
• COnly file a federal complaint
• DMust hire an attorney as the sole option