N.M. Admin. Code § 13.14.7.21

Current through Register Vol. 35, No. 23, December 10, 2024

Section 13.14.7.21 - RESIDENTIAL LIMITED COVERAGE MORTGAGE MODIFICATION POLICY

A title insurer or title insurance agency may issue NM form 90 if all of the following conditions exist:

A. the amount of the policy shall not exceed the outstanding principal balance of the loan on the date of the policy;

B. the policy shall not increase the amount of coverage under the prior policy;

C. the real property to be insured is one to four family residential property; and

D. the title insurer or title insurance agent has a complete copy of the prior loan policy before the commencement of the title search.

N.M. Admin. Code § 13.14.7.21

4-1-93; 13.14.7.21 NMAC - Rn, 13 NMAC 14.7.21, 5-15-00; Repealed, 7-1-05, Adopted by New Mexico Register, Volume XXXI, Issue 24, December 29, 2020, eff. 1/1/2021