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| SPONSOR: | McKibben | DATE TYPED: | 02/09/00 | HB | |||
| SHORT TITLE: | Regulation of Mortgage Servicing Fees | SB | 142 | ||||
| ANALYST: | Kehoe | ||||||
| Recurring
or Non-Rec |
Fund
Affected | ||||
| FY00 | FY01 | FY00 | FY01 | ||
| NFI | |||||
(Parenthesis ( ) Indicate Expenditure Decreases)
Duplicates/Conflicts with/Companion to/Relates to
SOURCES OF INFORMATION
New Mexico Mortgage Finance Authority (MFA)
SUMMARY
Synopsis of Bill
Senate Bill 142 authorizes the MFA to regulate the servicing 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.
Significant Issues
Senate Bill 142 would reduce the service fees and monthly payments of persons participating in MFA's mortgage program.
ADMINISTRATIVE IMPLICATIONS
According to the MFA Board of Directors, this bill is unnecessary because the specificity of the proposed legislation takes away the board's flexibility to meet market demands and could result in failure of the programs.
TECHNICAL ISSUES
According to DFA, SB 142 does not pertain to a fiscal matter. Therefore, the bill requires a message from the Governor to be considered germane during this 30-day legislative session.
LMK/gm