The New Mexico Mortgage Loan Bond is required by the New Mexico Regulation and Licensing Department. The bond amount is $50,000 for the first year. After that, the bond amount will be determined by the amount that reflects the total dollar amount of mortgage loans originated annually. Surety1 has been providing bonds for the mortgage industry since 2003 and is the premier, online provider of surety bonds.
The bond is required for any individual or company that is required to be licensed as Mortgage Loan Company.
Who is considered a Mortgage Loan Company?
Any person, who for compensation or gain, or expected compensation or gain, either directly or indirectly: Accepts an application for a mortgage loan, negotiates terms for a loan or solicits, processes, originates, or brokers loans for others.
What are other requirements that must be submitted in order to obtain a Mortgage Loan Company License?
- Use the NMLS website to submit the Mortgage Loan application.
- Payment of all fees: $1,000 for the registration fee, $500 for the application fee and $100 for the initial license fee. A credit report for every control person will cost $15 each.
- Control person attestation
- Certificate of Authority/Good Standing Certificate
- Flow of Funds Structure
- Formation Documents
- Memorandum of Tax Certification
- Personal Financial Statement
- Verification of Experience
Where can I get a New Mexico Mortgage Loan Bond?
At Surety1 we will get you bonded quickly. You can be assured of competitive rates as we have partnered with over a dozen A-rated surety markets. We have friendly agents who are willing to answer all your queries and give you only the best service.
First, start the process by using our easy to navigate, free online application form. Then, after your application has been submitted, one of our surety agents will contact you with a no-obligation quote on the bond premium. After that, once you are ready to move forward, you just need to pay the premium and sign the agreement. Lastly, your bond will be filed electronically with the NMLS.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Surety1.com is the premier online provider of surety bonds nationwide since 2003. We also maintain an A+ rating from the Better Business Bureau.