On January 10, 2024, the New Mexico Financial Institutions Division announced a clarification regarding the Freedom to Choose Insurance Company and Insurance Professional Notice. The announcement details why a natural person’s name (rather than a company’s name) needs to be inserted into the “(individual’s name)” blank in the first sentence of the notice language contained in N.M. Admin. Code 13.7.2.8:
“The undersigned person hereby acknowledges that I have been informed by (individual’s name) on behalf of (name of lender) . . .”
At this time, there is no need for Docutech to update Cx2794 “NM Freedom to Choose Insurance Company” because our document is already programmed to print the natural person’s name if it is passed from the loan origination system. The default print configuration is:
by (individual’s name) Field 6887 Loan Originator Name
or
Field 1051 Loan Closers Name
on behalf of (name of lender) Field 15360 Lender Name and Extension
If you have any questions or concerns, please contact Client Support at 1.800.497.3584.
LEG-1804