This 1 hour course on New Mexico laws and regulations fulfills the state elective requirement for annual renewal. Licensed mortgage loan originators in the state must take 8 hours of continuing education each year, with 3 hours being dedicated to Federal law, 2 hours of ethics, 2 hours of non-traditional mortgage lending, and this 1 hour of state-specific content.
The course begins with an overview of the agencies regulating MLOs in New Mexico, which are the Financial Institutions Division, the NMLS, and the federal SAFE Act. We then look at sections of the Administrative Code for Mortgage Lending, and Statutes covering licensing requirements, standards for renewal, and the exemptions to licensure.
Following this are general MLO practices, such as the requirement of surety bonds, completing mortgage call reports, and showing the unique identifier on important documents and advertisements. We then look at the regulations on prohibited practices and violations and the consequences to licensees for committing those acts. Topics include investigations, hearing procedures, administrative orders, and license revocation. We conclude the course by discussing a few recent developments including an industry update.
To promote comprehension, students will complete a 5-question quiz and short activity after each module. A 15-question final exam will wrap up the course.
Show Course ID: 1
- Course ID(s): 12951
- Approved By: NMLS
Mary Tillery, loan originator and Sales Manager at Guild Mortgage, in Grants Pass Oregon, has been actively involved in home lending since 1986. She has originated everything from first time homebuyers, to complex construction financing and reverse mortgages, besides all forms of more traditional lending. Mary combines her depth of knowledge with a sincere desire to know, love and serve her clients. She has been teaching home buying classes for 20+ years and loves to share her knowledge with not just her clients, but with people in the industry who are interested in growing.