This Course Includes:
- OIL – 3 Hour Online NM SAFE PE – New Mexico State Law (1842)
This course covers New Mexico law and regulations pertaining to Mortgage Loan Originator licensing and is structured to reflect the outline of the New Mexico State License Exam. During this 3-hour pre-licensing course covering New Mexico mortgage law, we will cover several pertinent New Mexico laws.
Online Instructor Led (“OIL”). This education is delivered in the Online Instructor Led format as required by the NMLS for online Pre-Licensure (“PE”) education. It is available on our website through any internet connection.
Important NMLS specifications include:
• Defined start and end dates (See Course Calendar at top of page).
• Interaction with the instructor and students through forum activities
• Progression as a cohort. At times you will wait for instructor feedback before continuing.
(Note: This is not an “Self-Study” course and does not allow for study at any pace or without instructor/classmate interaction)
The modules included are:
Chapter 58, Article 21 NMSA 1978 (58-21-1 through 58-21-32) – Mortgage Loan Company Act
o Division’s Regulation 12.19.1 NMAC – General Provisions
o Division’s Regulation 12.19.8 NMAC – Mortgage Loan Company Requirements
Chapter 58, Article 21A NMSA 1978 (58-21A-1 through 58-21A-14) – Home Loan Protection Act
o Division’s Regulation 12.15.3 NMAC HLPA – General Provisions (Definitions)
Chapter 58, Article 21B NMSA 1978 (58-21B-1 through 58-21B-24) – New Mexico Mortgage Loan Originators Licensing Act
o Division’s Regulation 12.19.2 NMAC – Mortgage Loan Originator Requirements
The course is divided into five sections:
Section 1: State Regulatory Agency – Covers the Regulatory authority, structure, and responsibilities and limitations of the New Mexico Financial Institutions Division.
Section 2: State Law and Regulation Definitions – Summarizes the intent and purpose of each law, and provides a review of the unique definitions found therein.
Section 3: New Mexico License Law and Regulations – Covers persons required to be licensed, licensee qualifications and the application process, the grounds for denying a license and license maintenance.
Section 4: Compliance – Details prohibited conduct and practices, required conduct, fees and charges, disclosures and agreements, advertising and trust account requirements.
Section 5: Disciplinary Action – Discusses notifications, hearings and appeals, then suspension, revocation and rescission of licenses, and finally, penalties/fines and civil and criminal liability under Chapter 58, Article 21B NMSA 1978.