New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 24 - RULES AND REGULATIONS OF THE NEW MEXICO STATE INVESTMENT COUNCIL PERTAINING TO THE THIRD SEVERENCE TAX PERMANENT FUND SINGLE FAMILY MORTGAGE POOLING PROGRAM › Section 2.60.24.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
The following words and terms as used in these council rules
				  and regulations shall have the following meanings:
A. "Application" shall mean an application to
				sell mortgage loans filed by a mortgage lender with the authority in response
				to an invitation.
B. "Authority"
				shall mean the New Mexico mortgage finance authority, created by the New Mexico
				Mortgage Finance Authority Act.
C.
				"Authority rules and regulations" shall mean the rules and regulations issued
				by the authority under and pursuant to the Mortgage Finance Authority Act,
				Section
				58-18-1,
				et seq., NMSA 1978, as amended.
D.
				"Condominiums" shall mean real estate, portions of which are designated for
				separate ownership and the remainder of which is designated for common
				ownership, as an undivided interest, solely by the owners of those
				portions.
E. "Conventional
				mortgage" shall mean a mortgage loan which is not guaranteed by the VA or
				insured by the FHA or the FmHA.
F.
				"Council" shall mean the state investment council of the state acting in
				connection with the investment of the state's severance tax permanent
				fund.
G. "Council rules and
				regulations" shall mean these rules and regulations issued by the council under
				and pursuant to Section 10 of Chapter 306 of the Laws of 1983 of the state of
				New Mexico, being Section
				7-27-5.3
				NMSA 1978 (the "Pass-through Securities Investment Act").
H. "Eligible assumptor" shall mean a person
				who meets, at the time the application for assumption of loan is made, the
				definition of an eligible mortgagor, and who intends to occupy the single
				family residence purchased as his or her principal residence within 30 days
				after the closing of the assumption.
I. "Eligible mortgagor" shall mean a person
				who is over the age of 18 and a domiciliary of the state, who meets the credit
				standards set forth in the guide for servicers.
J. "Family" shall mean a person or a group of
				persons, at least one of whom shall be an eligible mortgagor, consisting of,
				but not limited to, the head of a household, the spouse, if any, and children,
				if any, who are allowable as personal exemptions for federal income tax
				purposes.
K. "FDIC" shall mean the
				federal deposit insurance corporation.
L. "FHA" shall mean the federal housing
				administration.
M. "FmHA" shall
				mean the farmers home administration.
N. "FNMA" shall mean the federal national
				mortgage association.
O. "FSLIC"
				shall mean the federal savings and loan insurance corporation.
P. "Guide for servicers" shall mean the
				authority's STM program guide for seller/servicers, as it may be modified from
				time to time by the authority.
Q.
				"Invitation" shall mean the authority's then current invitation to mortgage
				lenders for applications to sell mortgage loans to the authority pursuant to
				the STM program.
R. "Manufactured
				housing" shall mean a modular or pre-manufactured home, built to uniform
				building code standards, which is designed to be and, prior to the closing of a
				mortgage loan on the home, is, permanently affixed to real property.
S. "Mobile home" shall mean a moveable or
				portable housing structure, constructed to be towed on its own chassis and
				designed so as to be installed with or without a permanent foundation for
				occupancy as a residence and which is not manufactured housing.
T. "Mortgage" shall mean a mortgage, mortgage
				deed, deed of trust or other instrument creating a first lien on a fee interest
				in real property located within the state.
U. "Mortgage lender" shall mean any bank,
				bank or trust company, trust company, mortgage company, mortgage banker,
				national banking association, savings bank, savings and loan association,
				building and loan association and any other lending institution which meets the
				requirements set forth in Section 4 [now 2.60.24.8 NMAC] of the council rules
				and regulations.
V. "Mortgage loan"
				shall mean a conventional loan:
(1) secured by
				a mortgage;
(2) made to an eligible
				mortgagor to finance the acquisition, construction or rehabilitation of an
				owner-occupied single family residence in the state;
(3) the commitment for which was made by the
				mortgage lender after the date of submission by the mortgage lender of its
				application; and
(4) which meets
				the underwriting standards set forth in the guide for servicers. A mortgage
				loan shall not include a loan the proceeds of which are used, directly or
				indirectly, to refinance an existing mortgage loan or loans for the present
				mortgagor, unless the primary purpose of such mortgage loan is to finance the
				rehabilitation of such single family residence.