The New Mexico Mortgage Loan Originator Bond is required by the New Mexico Regulation and Licensing Department, Financial Institutions Divisions.
The New Mexico Mortgage Loan Originator Bond ensures that the bond holder will comply with the provisions of the New Mexico Mortgage Loan Originator Licensing Act and all orders, rules, and regulations.
A surety bond in the amount of $50,000 is required for first year as a licensed mortgage loan originator. After the first year, the surety bond will be based on the total dollar amount of mortgage loans originated annually in New Mexico by the licensee:
- $0 to $3,000,000 originated requires a $50,000 bond.
- $3,000,000 to less than $10,000,000 originated requires a $100,000 bond.
- $10,000,000 or more originated requires a $150,000 bond.
The price for the bond, also known as the bond premium, is only a small fraction of the bond amount. The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
Licensing Fees and Requirements:
- Surety bond
- Application through NMLS
- $500 application fee
- $500 license fee
- $100 NMLS fee
All licensing fees are required by the obligee, not the surety company.
CLICK HERE for additional licensing information from the New Mexico Regulation and Licensing Department
APPLY for this bond and get a free quote here.