44th legislature - STATE OF NEW MEXICO - second session, 2000

RELATING TO MORTGAGE FINANCING; AUTHORIZING THE NEW MEXICO MORTGAGE FINANCE AUTHORITY TO REGULATE CERTAIN FEES IN MORTGAGE TRANSACTIONS IN WHICH THE AUTHORITY IS INVOLVED.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. A new section of the Mortgage Finance Authority Act is enacted to read:

"[NEW MATERIAL] REGULATION OF MORTGAGE SERVICING FEES.--The authority shall promulgate rules specifying maximum fees or percentages of loan amounts to be paid by the authority to mortgage lenders for servicing mortgage loans or for purchasing or transferring the servicing of mortgage loans. The fees or percentages may be different for different types of mortgage loans. In adopting rules pursuant to this section, the authority shall ensure that appropriate consideration is given to:

A. attracting a number of competing mortgage lenders to ensure adequate participation in the authority's programs;

B. ensuring that New Mexico's fees or percentages are comparable to fees or percentages used in other states; and

C. the purposes and objectives of the Mortgage Finance Authority Act."

Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2000.