New Mexico Mortgage Broker License Guide

In New Mexico, anyone engaged in mortgage loan business activities, whether a company or individual, must hold a license. The mortgage licenses are regulated and issued by the New Mexico Financial Institutions Division.

The license application process is handled by the Nationwide Mortgage Licensing System (NMLS). NMLS allows entities and loan originators to apply or update a license online.

Types of Mortgage Licenses in New Mexico

New Mexico has three major state license types: Company, Branch, and Individual. Each license type depends on the work you are going to perform. The mortgage licenses are generally divided into Mortgage Loan Companies and Mortgage Loan Originators.

In this guide, we’ll cover the most common licenses only. You can review the full list on the NMLS website.

Most Common Company Licenses

  • Mortgage Loan Company License - allows companies and sole proprietorships to make, process, and broker mortgage loans for borrowers, as well as accept mortgage loan applications and/or negotiate the terms of the loans.

Most Common Individual Licenses

  • Mortgage Loan Originator License - required of individuals who take residential mortgage loan applications (and/or negotiate the terms of the loan) and/or are employed by a licensed NM mortgage loan company.

New Mexico State Requirements

All mortgage license applications are to be submitted online through NMLS. Note that some agency-specific documents, such as the surety bond, need to be mailed directly to Financial Institutions Division, Mortgage Unit, 2550 Cerrillos Road 3rd Floor, P.O. Box 25101 (87504), Santa Fe, NM 87505.

For further information regarding the license requirements you may contact Michelle Medina (licensing specialist) at (505) 476-4819 or [email protected] , or Joe Cruz (industry manager) at (505) 476-4519 or [email protected].

For more information and questions regarding NMLS, please contact their call center at (855) 665-7123.

Education and Exams

Passing an exam is obligatory for some, but not all licenses. To obtain a New Mexico Mortgage Loan Originator license, you must complete an education course and pass an exam.

Exams for Individual Licenses

  • Mortgage Loan Originator License - In order to obtain an individual license you need to complete an NMLS-approved education course of at least 20 hours, that includes three hours of New Mexico content. For further information regarding the pre-licensure education, as well as a list of approved providers, please visit the NMLS Education page.

    After completing the course, you can enroll for the examination on NMLS. To schedule an exam visit your NMLS profile or contact the exam administrator Prometric at (877) 671-6657.

    The NMLS testing page provides detailed information on how to schedule and take the Mortgage Loan Originator test.

NM Mortgage Broker Bonds

Bonds for Company Licenses

  • Mortgage Loan Company License - All applicants must upload and mail a surety bond in the amount of $50,000. After the first year, the amount of the bond will be based on the amount of mortgage loans originated annually by the licensee.
    • $50,000 surety bond for 0 - $3,000,000 in originated mortgage loans.
    • $100,000 surety bond for $3,000,001 - $10,000,000 in originated mortgage loans.
    • $150,000 surety bond if the amount of originated mortgage loans exceeds $10,000,000.

Bonds for Individual Licenses

  • Mortgage Loan Originator License - Unless covered under the employer’s company bond, individual applicants must mail an original $50,000 surety bond to the Division. After the first year, the amount of the bond will be based on the amount of mortgage loans originated annually by the licensee.
    • $50,000 surety bond for 0 - $3,000,000 in originated mortgage loans.
    • $100,000 surety bond for $3,000,001 - $10,000,000 in originated mortgage loans.
    • $150,000 surety bond if the amount of originated mortgage loans exceeds $10,000,000.

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Licensing Fees

Fees for Company Licenses

All fees are non-refundable and must be submitted through NMLS.

  • Mortgage Loan Company License
    • $1,000 license fee.
    • $500 NM application fee.
    • $100 NMLS processing fee.
    • $15 credit report fee.

Fees for Individual Licenses

  • Mortgage Loan Originator License
    • $200 license fee.
    • $200 NM application fee.
    • $30 NMLS processing fee.
    • $15 credit report fee.
    • $36.25 background check.
    • $100 exam fee.
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