A. The authority shall adopt and may from time to time modify or repeal, subject to prior approval by the Mortgage Finance Authority Act oversight committee, rules and regulations:
(1) for determining income levels for the classification of persons of low or moderate income, which may vary between different areas in the state and in accordance with the size of family unit; and
(2) for governing:
(a) the making of loans to mortgage lenders; and
(b) the purchase of mortgage loans, to implement the powers authorized and to achieve the purposes set forth in the Mortgage Finance Authority Act.
B. The rules and regulations of the authority relating to the making of loans to mortgage lenders pursuant to Section 58-18-6 NMSA 1978 or the purchase of mortgage loans pursuant to Section 58-18-7 NMSA 1978 shall provide at least for the following:
(1) procedures for the submission by mortgage lenders to the authority of:
(a) requests for loans; and
(b) offers to sell mortgage loans;
(2) standards for allocating bond proceeds among mortgage lenders requesting loans from or offering to sell mortgage loans to the authority;
(3) standards for determining the principal amount to be loaned to each mortgage lender and the interest rate thereon;
(4) standards for determining the aggregate principal amount of mortgage loans to be purchased from each mortgage lender and the purchase price thereof;
(5) qualifications or characteristics of:
(a) residential housing; and
(b) the purchasers of residential housing to be financed by new mortgage loans made in satisfaction of the requirements of Subsection F of Section 58-18-6 NMSA 1978 or Subsection B of Section 58-18-7 NMSA 1978, as the case may be;
(6) restrictions as to the interest rates to be allowed on new mortgage loans and the return to be realized therefrom by mortgage lenders;
(7) requirements as to commitments and disbursements by mortgage lenders with respect to new mortgage loans; and
(8) standards for mobile homes eligible for use as security.
C. The rules and regulations of the authority shall also provide for:
(1) schedules of any fees and charges to be imposed by the authority; and
(2) any other matters related to the duties and the exercise of the powers of the authority under the Mortgage Finance Authority Act.
History: 1953 Comp., § 13-19-8, enacted by Laws 1975, ch. 303, § 8; 1979, ch. 399, § 4; 1995, ch. 9, § 16.
ANNOTATIONSCross references. — For the Mortgage Finance Authority Act oversight committee, see 2-12-5 NMSA 1978.
The 1995 amendment, effective June 16, 1995, inserted "Mortgage Finance Authority Act" in the introductory paragraph of Subsection A, inserted "or moderate" in Paragraph A(1), and made a stylistic change.