3 Hour NM SAFE: New Mexico Mortgage Lending Laws
Required New Mexico state-specific elective for mortgage pre-license under the NM FID.
All learning is online. Start immediately. Learn on your own schedule.
Read-along audio plays the course text back to you.
Includes PDF/EPUB eBook of all reading material for your tablet or Kindle.
Download and print your own certificate.
This course presents New Mexico law and rule requirements relating to originating mortgage loans securing residential real property located throughout the State of New Mexico. The purpose of this training is to prepare NM Mortgage Loan Originator license candidates with the necessary information to ensure fair, ethical, and compliant mortgage loan origination activities.
+ $4.50 NMLS Credit Banking Fee
|Category:||Mortgage > License Training > New Mexico > PE Elective|
|Purpose:||Required New Mexico state-specific elective for mortgage pre-license under the NM FID.|
|Features:||Online Text, Online Audio, PDF eBook, Printable Certificate|
NMLS Course Provider ID: 1400327
Purchase of this package requires that you read and acknowledge a Terms of Service agreement before receiving credit for any courses contained in this package. Please review the following:
NMLS Course ID: 13145
NMLS Sponsor ID: 1400327
Credit Hours Provided: 3
Category: PE Elective
This course is designed to prepare candidates to take the exam to become a state-licensed mortgage loan originator in New Mexico under the New Mexico Financial Institutions Division (FID). This 3-hour course covers New Mexico specific rules and regulations, and is required as part of the 20 hours of prelicense education needed to become a NM-licensed mortgage loan originator.
This course consists of five modules and a final exam:
Mortgage Acts and Authority (20 minutes)
New Mexico Licensure Steps (18 minutes)
Complying with the Mortgage Loan Company Act (22 minutes)
Complying with the Mortgage Loan Originator Licensing Act (20 minutes)
The New Mexico Home Loan Protection Act (50 minutes)
Final Exam (20 minutes)
Total study time: 3 clock hours (150 minutes)
The New Mexico Financial Institutions Division (FID) is the state agency in charge of consumer financial protection, ensuring a safe environment for lending in our state, and licensing and regulating those who want to work in the industry at such locations as banks, escrow companies, credit unions, and mortgage loan companies. This chapter introduces the FID and its Director, and presents industry terms that will be used throughout the course.
Before you can accept a residential mortgage loan application from a potential borrower, or offer to arrange or negotiate a loan transaction for an applicant, with the expectation of being compensated for your efforts, you need to be licensed as a mortgage loan originator. This module will explain the requirements for obtaining an MLO license from the Financial Institutions Division.
Once a mortgage company or mortgage originator has obtained a license under the Mortgage Loan Company Act or the Mortgage Loan Originator Licensing Act, the licensee must follow rules and procedures contained in the Acts. The Financial Institutions Division of the Regulation and Licensing Department has a number of enforcement and sanction powers should a licensee or an affiliate not comply with the Acts or the terms of their license.
This module will analyze the regulations expected of licensees who are licensed under the Mortgage Loan Company Act (MLCA) can
In writing and passing the Mortgage Loan Originator Licensing Act, the New Mexico legislature emphasized the importance of mortgage loan origination services to the state’s people, communities, and economy. At the same time, lawmakers said, reasonable licensing and regulatory standards are "essential for the protection of the residents of New Mexico and the stability of New Mexico’s economy[.]" (NM Stat 58-21B-2.A) With this explicit consumer-protection focus, the Act contains more requirements, and is in some ways more specific in those requirements, than the Mortgage Loan Company Act.
In this module, we'll cover the acts outlined by the MLOLA that mortgage loan originators must follow as part of the authorization given to them as a New Mexico licensee.
The New Mexico Home Loan Protection Act (HLPA) contains rules and regulations intended to protect New Mexico residential mortgage borrowers from deceptive acts initiated by tricky lenders. This module dives into the details of the act, the restrictions it places on creditors, and the safeguards it gives to consumers.
You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.
If you already have an NMLS ID, but don't remember what it is:
If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center
This course will remain available to students for 365 days after enrollment.
To provide superior distance education that exceeds industry standards and expectations in course content and delivery methods to those who seek to enter a new profession and those engaged in a profession.