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.
Valid: Renewable
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.
How to Get Your New Mexico Mortgage Loan Originator Bond
- Complete an online application. It’s free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then you will receive your Surety Bond!
If you have any questions, please call us at 877-654-2327.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.