New Mexico Mortgage Loan Company Bond
The NM Mortgage Loan Company license surety bond is required by any company or sole proprietorship, who for compensation or gain, or in the expectation of compensation or gain, directly or indirectly accepts or offers to accept an application, negotiates or offers to negotiate the terms of a mortgage loan or solicits, processes, originates, brokers or makes mortgage loans for others. See the table below to determine the required bond amount.
| Aggregate Loan Volume in Preceding 12 Months | Bond Amount | Annual Premium |
| $0-$3,000,000 | $50,000 | $300 |
| $3,000,001-$9,999,999 | $100,000 | $600 |
| Exceeds $10,000,000 | $150,000 | $900 |
Overview
In New Mexico, mortgage loan originators are typically mandated to obtain a surety bond ranging from $50,000 to $150,000 as part of their licensing process, regulated by the Financial Institutions Division of the New Mexico Regulation and Licensing Department.
The specific bond amount within the provided range is contingent upon factors such as the originator's loan volume and financial stability. The NNA has secured premiums of $6 per $1,000 in liability for these bonds without a credit check.
This surety bond serves as financial protection for consumers who request the services of a mortgage loan originator. By implementing this bond requirement, the state ensures that mortgage loan originators adhere to state regulations and laws governing mortgage lending activities. Mortgage loan originators are required to maintain an active and valid bond throughout their licensing tenure.