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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 unregulated 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

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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, 2006; 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.