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Below you will find information on the following
topics for New Mexico: Mortgage Broker Licensing, Mortgage
Broker Training, Mortgage Broker License Requirements, New Mexico
Mortgage Laws and Regulations, Mortgage Broker Schools, etc.
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New Mexico Mortgage License and Education Information |
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New Mexico Regulations and Licensing Department, Financial Institutions Division regulates the New Mexico Mortgage Broker Licensing. Unless exempted under Mortgage Loan Company and Loan Broker Act, all mortgage brokers are required to obtain a mortgage broker license to conduct business activities in New Mexico.
It is unlawful for any person to transact business in the state of New Mexico, either directly or indirectly, as a mortgage loan company or loan broker without first filing an application with the director and obtaining a registration certificate under the Mortgage Loan Company and Loan Broker Act [Chapter 58, Article 21 NMSA 1978].
Following information is required to obtain a New Mexico Mortgage Broker License:
- Submit a completed and signed application along with the application fee and other relevant documents to the department. Licenses are processed within 10 working days if the application is properly submitted.
- There is no requirement of obtaining a separate license for a branch in New Mexico. However, it is beneficial for the licensee to disclose all branches in writing for the purpose of verification.
- Currently, there is no education or net worth requirements for obtaining a Mortgage Broker License in New Mexico.
- Mortgage registrants are not required to maintain a physical location in a commercial setting.
- Attach the applicant's current, (within 6 months), signed financial statement, that is, a balance sheet and income statement along with the application.
- All applicants are required to include a corporate surety bond in the amount of $25,000.
- A Mortgage Broker license is valid for 12 months from the date of registration. Each license holder is required to submit a renewal application at least thirty days before the expiration of his existing license.
- There is no mention of required experience by the loan broker in the Act.
- Include along with the application a document verifying the name, residence and business address of each person having an interest in the business as principal, partner, officer, trustee, director or manager, specifying the capacity and title of each.
- All the records required to be maintained by the Mortgage Loan Company and Loan Broker Act are subject to examinations or investigations by representatives of the director within or without New Mexico as the director deems necessary or appropriate in the public interest or for the protection of investors.
The forms and application can be downloaded at New Mexico Regulation & Licensing - Forms.
For more information, visit New Mexico Regulation & Licensing
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Major Cities Include: Albuquerque, Las Cruces, Santa Fe, Rio Rancho, Roswell, Farmington, Alamogordo, Clovis, Hobbs, Carlsbad, Gallup, Las Vegas, Deming, Sunland Park, Los Alamos, Portales, Artesia, Silver City, Los Lunas, Espanola, Lovington, Socorro, Grants, Shiprock
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