New Mexico Statutes 58-21-2. Definitions
As used in the Mortgage Loan Company Act:
Terms Used In New Mexico Statutes 58-21-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Fiduciary: A trustee, executor, or administrator.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
A. “affiliate” means a person who, directly or indirectly, through one or more intermediaries, controls or is controlled by or is under common control with another person;
B. “branch office” means any location, including a divisional office, separate from the principal place of business of the mortgage loan company that is identified by any means to the public or customers as a location at which the licensee holds itself out as a mortgage loan company;
C. “closing agent” means a person, including a title insurance agent or title insurance company, that acts in the normal course of business in a fiduciary capacity as a disinterested third party for the seller and buyer of real property for the purpose of consummating a sale of real property, including the performance of the following functions:
(1) preparation of deeds, mortgages, promissory notes, deeds of trust, real estate contracts, assignments or other documents incidental to the sale as permitted by law;
(2) calculations and disbursements of prorated taxes, insurance premiums, utility bills and other charges incidental to the sale;
(3) preparation of sellers’ and buyers’ closing statements; (4) supervision of signing of documents;
(5) collection and disbursement of down payments, commissions of real estate licensees, fees and other charges pursuant to a sales agreement; and
(6) recordation of documents;
D. “division” means the financial institutions division of the regulation and licensing department;
E. “director” means the director of the financial institutions division of the regulation and licensing department;
F. “dwelling” means a residential structure that contains one to four units whether or not that structure is attached to real property. “Dwelling” includes an individual condominium unit, an individual cooperative unit, a mobile home and a trailer if used as a residence;
G. “individual” means a natural person;
H. “lender” means a person or government agency making a mortgage loan;
I. “mortgage loan company” means any person who, for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly:
(1) accepts an application for a mortgage loan; negotiates terms for a mortgage loan; or solicits, processes, originates, brokers or makes mortgage loans for others;
(2) offers to:
(a) accept an application for a mortgage loan; (b) negotiate terms for a mortgage loan; or
(c) solicit, process, originate, broker or make mortgage loans for others; or
(3) closes mortgage loans that may be in the mortgage loan company’s own name with funds provided by others and that are assigned to the mortgage lenders providing the funding of such loans;
J. “mortgage loan” means any loan primarily for personal, family or household use that is secured by a mortgage, deed of trust or other equivalent consensual security interest on a dwelling or residential real estate upon which is constructed or intended to be constructed a dwelling as so defined;
K. “net loan funds” means the mortgage loan amounts specified in the note and mortgage less lender-retained fees, as specified in the lender’s instruction to the closing agent;
L. “person” means a natural person, corporation, company, limited liability company, partnership or association;
M. “qualified manager” means an individual, designated by a mortgage loan company, responsible for the activities of the licensed mortgage loan company’s office, divisional office or branch office in conducting the business of that mortgage loan company’s office, divisional office or branch office and who meets requirements as specified by the director; and
N. “servicer” means a person who collects or receives payments, including principal, interest and trust items such as hazard insurance, property taxes and other amounts due, on behalf of a note holder or investor in accordance with the terms of a residential mortgage loan, and includes working with a borrower on behalf of a note holder or investor, when the borrower is in financial hardship or default, to modify either temporarily or permanently the terms of an existing mortgage loan.