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New Mexico Summary
Licensing Requirements
Loan Originator Licensing

All individuals originating loans in New Mexico must be w-2 employees of Direct Lender.

Branch Licensing

There are no branch licensing requirements.

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Disclosure Requirements

Initial Disclosures

New Mexico Authorization For Lender To Obtain Insurance

New Mexico Choice Of Insurer Notice

New Mexico Consumer Caution Notice

New Mexico Fees At Application Agreement

Nueva Mejoico Libertad de Elegir Compania y Profesional de Seguros

Final Disclosures

Coming Soon

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High Cost Laws
 
Points and Fees**
APR
1st
5%
7 + Treasury Yield Index
2nd
5%
9 + Treasury Yield Index
HELOC
5%
9 + Treasury Yield Index

*Principal dwelling under Fannie Mae Conforming Loan Limit only ($417,000 for 2006)
**Includes YSP as part of Fees Percentage unless retail
**Permits the deduction of up to 2% of Bona Fide Discount Points from Fees Percentage - Verify with Investor

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Pre-Payment Penalty

New Mexico law does not allow Pre-Payment Penalties.

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Fee Restrictions

Permitted Fees

Coming Soon

Prohibited Fees

Coming Soon

Late Charge Fees

Coming Soon

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Closing Details

Funding Settlement

Dry State

Borrower Signing Requirements

New Mexico is a community property state.

Closing Customs

Coming Soon

Real Estate Taxes

Taxes are due November 1st and April 1st.
Taxes are delinquent on December 10th and May 10th.

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Advertising Details

Advertising Record Retention

Coming Soon

Advertising Representation

Coming Soon

Telemarketing

Comings Soon

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Disclaimer:
This information is tailored for DirectLender. It is deemed reliable but not guaranteed. It is not intended as legal advice, and should not be relied upon as such. The laws, policies, and references cited change periodically.

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