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TrainingPro

1 Hour NM SAFE_Mortgage Law and Order: New Mexico Edition_Online Self Paced_Course Number 4158

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Overview / Abstract:

The following course will provide an overview of the portions of New Mexico’s mortgage licensing, anti-predatory lending, and mortgage fraud laws that establish the required conduct and prohibited practices for mortgage professionals working in the state. The portions of the lending laws that are reviewed in this course represent the primary compliance concerns that mortgage loan originators face on a daily basis. In the stricter lending environment created by the New Mexico State Legislature in 2009, these concerns include completing an assessment of borrower repayment ability in almost all home loan transactions, complying with restrictions on interest rate changes for adjustable-rate mortgages, and ensuring that lending agreements do not include prepayment penalties.

Although state laws and regulations are the primary focus of this course, it will also include a limited overview of compliance issues that may arise from the tightening of lending standards under the federal Truth-in-Lending Act (TILA), the Home Ownership and Equity Protection Act (HOEPA), and Regulation Z. Despite the fact that many of the new federal standards mimic those that were already established under state law, mortgage professionals still face challenges in meeting both state and federal requirements.

Expiration

Sep 17, 2020

Discipline(s)

Mortgage Broker

Format

Online

Credits / Hours

1 Hour

Accreditation

NMLS

Keywords / Search Terms

TrainingPro

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