N.M. Code R. § 12.19.8.16 - AMENDING OR SURRENDERING A LICENSE
A. A licensed mortgage loan company shall
amend information entered in the nationwide mortgage licensing system and
registry for licensure within five days following the change in that
information. The information that shall be required to be amended shall
include, but not be limited to the following:
(1) company name;
(2) company address;
(3) company legal status;
(4) ownership;
(5) control persons;
(6) qualified manager;
(7) surety bond;
(8) branch name or location;
(9) branch manager.
B. A licensed mortgage loan company that has
any owner, control person or qualified manager who has been charged with,
convicted of, or pled guilty or nolo contendere to, a felony in a domestic,
foreign or military court shall notify the director of the financial
institutions division in writing and amend the company's license information on
the nationwide mortgage licensing system and registrywithin five days of the
occurrence.
C. A licensed mortgage
loan company shall immediately surrender the company's license if required to
do so by court order, final order, default order, consent order or if the
mortgage loan company no longer meets the minimum requirements for licensure in
58-21-3
and
58-21-4
NMSA 1978.
D. A licensed mortgage
loan originator is the only individual that can surrender his or her license.
The removal of sponsorship by a mortgage loan company will place the mortgage
loan originator license into an "approved - inactive" status.
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.