Regulatory Alerts2022-12-28
Regulatory Guidance on Conventional Mortgage Rate in NMHLPA
The New Mexico Financial Institutions Division issued this guidance to address the discontinuation of the Federal Reserve Board's publication of the conventional mortgage rate. The document directs creditors to utilize Freddie Mac's Primary Mortgage Market Survey as the official source for determining the conventional mortgage rate under the New Mexico Home Loan Protection Act. This substitution ensures continued compliance with statutory definitions for credit extensions despite the Federal Reserve's cessation of the original data posting in 2016.
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