N.M. Code R. § 12.19.1.7 - DEFINITIONS
A.
"Affiliate " means a person who, directly or indirectly, through one or
more intermediaries, controls or is controlled by or is under common control
with another person .
B.
"Branch office " means any location, including a divisional office,
separate from the principal place of business of the mortgage loan company that
is identified by any means to the public or customers as a location at which
the licensee holds itself out as a mortgage loan company.
C.
"Clerical or support duties"
may include, subsequent to the receipt of an application:
(1) the receipt, collection, distributionand
analysis of information common for the processing or underwriting of a
residential mortgage loan ; and
(2)
communicating with a consumer to obtain the information necessary for the
processing or underwriting of a loan, to the extent that such communication
does not include offering or negotiating loan rates or terms or counseling
consumers about residential mortgage loan rates or terms;
D.
"Closing agent " means a
person , including a title insurance agent or title insurance company, that acts
in the normal course of business in a fiduciary capacity as a disinterested
third party for the seller and buyer of real property for the purpose of
consummating a sale of real property, including the performance of the
following functions:
(1) preparation of
deeds, mortgages, promissory notes, deeds of trust, real estate contracts,
assignments or other documents incidental to the sale as permitted by
law;
(2) calculations and
disbursements of prorated taxes, insurance premiums, utility bills and other
charges incidental to the sale;
(3)
preparation of sellers' and buyers' closing statements;
(4) supervision of signing of
documents;
(5) collection and
disbursement of down payments, commissions of real estate licensees, fees and
other charges pursuant to a sales agreement; and
(6) recordation of documents;
E.
"Depository
institution " has the same meaning as the definition of depository
institution in Section 3 of the Federal Deposit Insurance Act and includes any
credit union.
F.
"Division " means the financial institutions division of the regulation
and licensing department.
G.
"Director " means the director of the financial institutions division of
the regulation and licensing department.
H.
"Dwelling " means a
residential structure that contains one to four units whether or not that
structure is attached to real property. "Dwelling " includes an
individual condominium unit, an individual cooperative unit, a mobile home and
a trailer if used as a residence.
I.
"Federal banking agencies "
means the board of governors of the federal reserve system, the comptroller of
the currency, the director of the office of thrift supervision, the national
credit union administration and the federal deposit insurance
corporation.
J.
"Immediate
family member " means a spouse, child, sibling, parent, grandparent or
grandchild, and "immediate family member " includes a stepparent, a
stepchild, a stepsibling and an adoptive relationship.
K.
"Individual " means a natural
person .
L.
"Lender "
means a person or government agency making a mortgage loan.
M.
"License " means a license
issued pursuant to Section 6 of the New Mexico Mortgage Loan Originator
Licensing Act.
N.
"Loan
processor or underwriter" means an individual who performs clerical or
support duties as an employee at the direction of and subject to the
supervision and instruction of a person licensed, or exempt from licensing,
pursuant to the Mortgage Loan Company Act.
O.
"Mortgage loan " means any
loan primarily for personal, family or household use that is secured by a
mortgage, deed of trust or other equivalent consensual security interest on a
dwelling or residential real estate upon which is constructed or intended to be
constructed a dwelling as so defined.
P.
"Mortgage loan company"
means any person who, for compensation or gain, or in the expectation of
compensation or gain, either directly or indirectly:
(1) accepts an application for a mortgage
loan ; negotiates terms for a mortgage loan ; or solicits, processes, originates,
brokers or makes mortgage loans for others;
(2) offers to:
(a) accept an application for a mortgage
loan ;
(b) negotiate terms for a
mortgage loan ; or
(c) solicit,
process, originate, broker or make mortgage loans for others; or
(3) closes mortgage loans that may
be in the mortgage loan company's own name with funds provided by others and
that are assigned to the mortgage lenders providing the funding of such
loans;
Q.
"Mortgage loan originator" means an individual who for compensation or
gain or in the expectation of compensation or gain takes a residential mortgage
loan application or offers or negotiates terms of a residential mortgage loan.
"Mortgage loan originator" does not include:
(1) an individual engaged solely as a loan
processor or underwriter except as otherwise provided in Subsection I of this
section;
(2) a person that only
performs real estate brokerage activities and is licensed or registered in
accordance with New Mexico law, unless the person is compensated by a lender, a
mortgage loan company or other mortgage loan originator or by any agent of such
lender, mortgage loan company or other mortgage loan originator; and
(3) a person solely involved in extensions of
credit relating to timeshare plans, as that term is defined in Section 101(53D)
of Title 11 of the United States Code.
R.
"Nationwide mortgage licensing
system and registry " means a mortgage licensing system developed and
maintained by the conference of state bank supervisors and the American
association of residential mortgage regulators for the licensing and
registration of licensed mortgage loan originators.
S.
"Net loan funds " means the
mortgage loan amounts specified in the note and mortgage less lender -retained
fees, as specified in the lender 's instruction to the closing agent .
T.
"Nontraditional mortgage
product " means any mortgage product other than a thirty-year fixed rate
mortgage.
U.
"Person "
means a natural person , corporation, company, limited liability company,
partnership or association.
V.
"Qualified manager " means an individual , designated by a mortgage
loan company, responsible for the activities of the licensed mortgage loan
company's office, divisional office or branch office in conducting the business
of that mortgage loan company's office, divisional office or branch office and
who meets requirements as specified by the director .
W.
"Real estate brokerage
activity " means any activity that involves offering or providing real
estate brokerage services to the public, including:
(1) acting as a real estate agent or real
estate broker for a buyer, seller, lessor or lessee of real property;
(2) bringing together parties interested in
the sale, purchase, lease, rental or exchange of real property;
(3) negotiating, on behalf of any party, any
portion of a contract relating to the sale, purchase, lease, rental or exchange
of real property, other than in connection with providing financing with
respect to any such transaction;
(4) engaging in any activity for which a
person engaged in the activity is required to be registered or licensed as a
real estate agent or real estate broker pursuant to any applicable law;
and
(5) offering to engage in any
activity or to act in any capacity described in Paragraphs (1) through (4) of
this subsection.
X.
"Registered mortgage loan originator" means any individual who
meets the definition of mortgage loan originator, is registered with, and
maintains a unique identifier through, the nationwide mortgage licensing system
and registryand is an employee of:
(1) a
depository institution ;
(2) a
subsidiary that is:
(a) owned and controlled
by a depository institution ; and
(b) regulated by a federal banking agency;
or
(3) an institution
regulated by the farm credit administration.
Y.
"Residential mortgage loan "
means any loan primarily for personal, family or household use that is secured
by a mortgage, deed of trust or other equivalent consensual security interest
on a dwelling or on residential real estate upon which is constructed or is
intended to be constructed a dwelling as so defined.
Z.
"Residential real estate "
means any real property located in New Mexico upon which is constructed or
intended to be constructed a dwelling .
AA.
"Servicer " means a person
that collects or receives payments, including principal, interest and trust
items such as hazard insurance, property taxes and other amounts due, on behalf
of a note holder or investor in accordance with the terms of a residential
mortgage loan, and includes working with a borrower on behalf of a note holder
or investor, when the borrower is in financial hardship or default, to modify
either temporarily or permanently the terms of an existing residential mortgage
loan.
BB.
"Unique
identifier " means a number or other identifier assigned by protocols
established by the nationwide mortgage licensing system and registry .
CC. The phrase "any action or
proceeding, civil or criminal, judicial or administrative, completed or in
progress", as used in Section 58-21-4(G) NMSA 1978, shall be exclusive
of divorce proceedings and misdemeanor traffic citations.
Notes
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