In connection with our new warning concerning the provisions of N.M. Stat. Ann. § 58-12B-20(A)(7), concerning the fact that mortgage loan originators must disclose to borrowers “the existence of all loans available to the mortgage loan originator, for which the borrower qualifies, that have terms that are as favorable or more favorable than those loans offered to the borrower by the mortgage loan originator” (see http://www.docutechcorp.com/new-conformx-warning-for-new-mexico-loans), we will be providing new Cx18456 in all Initial Disclosure and Closing packages, for loans secured by property in New Mexico.
This document discloses both to the borrower and to the originator the provisions of Section 58-12B-20(A), in order for both persons to be aware of this requirement, so that the originator may disclose the various loan options to the borrower and be in compliance with state law.
The new document will begin printing in packages on March 4, 2014, in connection with the New Mexico warning mentioned above. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
February 28, 2014