N.M. Admin. Code § 2.60.23.8 - REQUIREMENTS FOR MORTGAGE LENDERS
A mortgage lender which desires to participate in the STM program shall meet the following criteria:
A. If a commercial bank, its deposits must be insured by FDIC; if a savings institution, its deposits must be insured by FSLIC; and if a credit union, its deposits must be insured by NCUAB.
B. A mortgage lender must be approved by the FHA and VA to make FHA or VA loans.
C. A mortgage lender must demonstrate experience or expertise as determined by the authority in selling mortgage loans in the secondary market.
D. A mortgage lender must have a net worth of at least $250,000; and
E. A mortgage lender originating mortgage loans for the STM program must have its principal office in the state, and be authorized to initiate mortgages in the state.
Notes
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