The New Mexico Mortgage Finance Authority recently presented Eastern New Mexico University in Portales $20,000 designated to the New Mexico Land Title Association Chili Currier Scholarship Endowment. The endowment will award New Mexico residents and the state’s high school graduates with financial support toward their college education.

MFA Homeownership Representative Teri Baca explained that funds for the New Mexico Land Title Association Endowment were generated as interest accrued on money held in trust accounts of the MFA’s participating real estate brokers and title companies when they handle purchase and sale transactions. These trust account funds normally do not earn interest, however the legislature makes an exception to the provision in the law that prohibits banks from paying interest on trust account monies as long as the funds are used solely to support the program’s mission.