Welcome to the New Mexico
Mortgage Lenders Association.
Welcome to the New Mexico Mortgage Lenders website. Here you will find what is happening today, tomorrow or within the year in the mortgage industry. There are many items that can impact both lenders and consumers that we want to make you aware of. Reduction of FHA mortgage insurance premiums and Foreclosure reform are a few such things.
The New Mexico Mortgage Lenders Association is the state affiliate of the Mortgage Bankers Association (www.mba.org). As a consumer, you are welcome to use the “Consumer Tools” within this website as well as at that Mortgage Bankers Association website. As a lender, please utilize this site as an informative tool to get the latest and greatest updates on changing laws, rules and regulations that impact you and our industry. Each and every member of our organization subscribes to our Code of Ethics so please feel at ease when contacting any of us for advice, inquiry or qualification of financing. To insure that our industry is continuing to move in the right direction, please join the Mortgage Action Alliance. The Mortgage Action Alliance (MAA) is a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate industry professionals and concerned citizens affiliated with the Mortgage Bankers Association. MAA is dedicated to not only having a voice, but being heard in Washington DC, state capitals and cities across the country. I urge you to get involved with MAA to play an integral role in how laws and regulations that affect our industry are presented, formed and ultimately implemented. It only takes a moment of your time sign up and start making a difference.
We look forward to a fantastic 2015. Our monthly luncheons are held the 2nd Thursday of each month and I look forward to seeing you all there.
From the President:
What a great luncheon today! If you were not able to attend, you missed one heckuva presentation by Amy Swaney, CMB & Chairwoman of Mortgage Action Alliance. A few key items of note from Amy’s speech, we need you, and we need you badly.
Did you know that there are 300,000 people in the mortgage industry and only 8900 of them are signed up with MAA. What’s worse than that, only 64 members are from New Mexico. One of our single greatest gifts is a voice and only 3% of our industry is using it! Come on gang, join MAA today. It takes a few minutes of your time and does not cost you a penny. The form is located on this website for ease of completion.
The National Association of Realtors spent $18.5M in 2014 on PAC support and agenda items. In comparison, the Mortgage Bankers Association was only able to raise $1.5M in 2014. It’s no wonder we struggle to win support on topics pitted against NAR. We need you again, and we need you badly. The PAC form is located on this site for ease of completion. Please consider contributing $25 per month to support our cause, your career and the dream of homeownership for all American families.
There are some bills up for discussion this legislative period and NMMLA is wading through them all. The Legislative Committee has a meeting on the 18th with the Assistant Attorney General and our council to discuss them and their potential ramifications. Please look for Jack Thompson’s commentary on this site for further information.
Next luncheon is March 12th and I look forward to seeing you there.
My name is Jack Thompson and I have served as your NMMLA President for two terms and on the board for over 14 years. I am writing to you about our legislative initiatives here at the New Mexico Mortgage Lenders Association for the upcoming legislative session in 2015. We anticipate several bills to be introduced that take direct aim at our industry. Currently there is an official task force that was put into place by last year’s legislature. The task force has been charged with studying foreclosures and the foreclosure process in New Mexico. We are certain that a bill will be introduced as a result of the task force that will call for tighter restrictions on servicers during the foreclosure process. The bill will propose a complete judicial foreclosure process as well as more points during the foreclosure process that allow the borrower to delay foreclosure over and over. Currently it now takes over one year to foreclose on an unpaid mortgage in New Mexico. The task force will be asking for a process that allows for much more time and much more cost to the servicer. Continue reading