SENATE MEMORIAL 42

47th legislature - STATE OF NEW MEXICO - first session, 2005

INTRODUCED BY

Mark Boitano

A MEMORIAL

REQUESTING A STUDY, A REPORT AND RECOMMENDATIONS REGARDING INDIVIDUAL LOAN ORIGINATOR LICENSING AND EDUCATION REQUIREMENTS.

     WHEREAS, many persons working with consumers in the origination of mortgage loans are not currently regulated or licensed by the state of New Mexico; and

     WHEREAS, there are no minimum training or experience requirements for a person to engage in the business of assisting consumers to obtain mortgage loans; and

     WHEREAS, consumers may be injured by relying on the services of untrained or inexperienced persons working as mortgage loan originators; and

     WHEREAS, the senate could be well served by a study of the mortgage loan origination business by professional business groups associated with the mortgage loan industry;

     NOW, THEREFORE, BE IT RESOLVED BY THE SENATE OF THE STATE OF NEW MEXICO that it request one person from each of the following: the New Mexico mortgage lenders association, the New Mexico association of mortgage brokers, the New Mexico financial services association, the New Mexico realtors association, the New Mexico manufactured housing association, the consumer protection division of the office of the attorney general and the financial institutions division of the regulation and licensing department to form a working group to study the extent of any existing or potential problems for consumers under the present unregulated status of the loan origination industry; and

     BE IT FURTHER RESOLVED that the working group report its findings and any recommendations for proposed legislation to the interim legislative Mortgage Finance Authority Act oversight committee by no later than October 1, 2005; and

     BE IT FURTHER RESOLVED that copies of this memorial be transmitted to the New Mexico mortgage lenders association, the New Mexico association of mortgage brokers, the New Mexico financial services association, the New Mexico realtors association, the New Mexico manufactured housing association, the consumer protection division of the office of the attorney general and the financial institutions division of the regulation and licensing department.