Mortgage Industry

Overview

Industry Professionals

Mortgage lenders, brokers, and mortgage loan originators will find industry information and the necessary resources on this site to be compliant with regulations and statutes in the state of New Mexico.  Use the tabs on the left to explore statutory and regulatory requirements, licensing information per the Nationwide Mortgage Licensing System and Registry (NMLS), and industry contacts. Check this page often for regulatory alerts, public notices, and important industry updates.

Consumers

Homeowners, homebuyers and members of the general public can find useful mortgage loan information, answers to frequently asked questions, and complaint procedures on this site.  A primary function of the Financial Institutions Division is consumer protection. This includes investigating complaints filed with the Division that involve a licensed firm or individual, as well as handling public inquiries about licensed firms or individuals.

Important Notices and Industry Updates

SCAM ALERT: Attorney General Warns New Mexicans about “Making Home Affordable” Program

AG Balderas: Do not pay Ocwen mortgage payments by Moneygram in response to a “Making Home Affordable” offer

Albuquerque, NM – Today, Attorney General Hector Balderas issued a scam alert to warn New Mexicans about a dangerous new scam preying on New Mexicans who are having trouble paying their mortgages.

“Do not pay Ocwen mortgage payments by Moneygram in response to 'Making Home Affordable' offer letters or calls,” said Attorney General Hector Balderas. “This is a scam and if you receive one of these letters or calls please contact the Consumer Protection Division of the Office of the Attorney General at 505-222-9100.”

Details about the scam:

• The Office of the Attorney General’s Consumer Protection Division has recently learned that New Mexico homeowners are being asked to    send money to individuals by Moneygram.

• Ocwen has investigated the matter and determined that third-parties are posing as Ocwen employees to obtain payment from consumers.

• Consumers receive a letter advising them that they are being offered a “trial payment plan” or loan modification and then the consumer is directed to call a person to make the payments.  An example of such a letter is attached.

• The callers will at times “spoof” an Ocwen phone number so that it appears that the person calling the consumer is calling from an Ocwen phone number often in the area code “214.”

• The United States Postal Inspection Service is working with Ocwen to investigate this matter as mail fraud.

• If consumers have questions about their home loan, they can contact the real Ocwen at 800-746-2936.

• Further, consumers who suspect they have been harmed by this scam, have received a suspicious mailing, or have any questions can contact Assistant Attorney General David C. Kramer at 505-222-9100 or 505-222-9134 for assistance.

Attorney General Balderas is committed to protecting consumers from deceptive or unfair business practices, and to helping homeowners avoid foreclosure. The Office of the Attorney General sponsors the “Keep Your Home New Mexico” program to help consumers avoid foreclosures and save their homes. Homeowners can call a statewide hotline for free housing counseling and other information. That number is 855-664-6630 or consumers can visit www.keepyourhomenewmexico.org.

Example of the scam  letter

Annual License Renewals 2018-2019

NMLS annual renewal for Individual, Company, and Branch licenses begins November 1, 2018 and ends December 31, 2018. A reinstatement period follows from January 1, 2019 through February 28, 2019. Submit your renewal request early to avoid any interruption in licensure.

• Please note that licensees are not authorized to conduct business after January 1, 2019 if a renewal request is not approved by December 31, 2018.
• All renewal requests received by December 20, 2018 will be reviewed by December 31, 2018.
• Licensees that fail to submit a renewal request by December 31, 2018 must apply for reinstatement by February 28, 2019 and pay all applicable licensing, reinstatement and late fees.
• New license requests approved between November 1, 2018 and December 31, 2018 are valid through the next renewal period.

Visit the NMLS Renewal Resources Page for key deadlines, renewal resources, continuing education requirements and assistance with preparing for and requesting renewals.

The New Mexico Financial Institutions Division Receives Certificate of Mortgage Accreditation

• On June 24, 2015 the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) announced that the New Mexico Financial Institutions Division has received a certificate of accreditation for mortgage supervision.  This accreditation demonstrates the Division's commitment to superior supervision of the residential mortgage industry in the state of New Mexico.

• Conference of State Bank Supervisors (CSBS) Media Release

“Points and Fees” Exclusion for Upfront Premium on Private Mortgage Insurance

• Pursuant to the New Mexico Home Loan Protection Act, NMSA 1978, Section 58-21A-3(M)(1)(d)(14), and  § 12.15.3.15 NMAC, the “percentage rate” will be set biannually on the Financial Institutions Division’s website on the first business day in January and July.

• The Home Loan Protection Act Points and Fees Threshold Exclusion for Upfront Private Mortgage Insurance: Effective July 1, 2019, the maximum percentage of upfront premium private mortgage insurance that is excluded from the Home Loan Protection Act Points and Fees threshold test is 3.3%.