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Do New Mexico Mortgage Loan Companies and Originators Need A Bond?

A

A New Mexico Mortgage Loan Company and Mortgage Loan Originator are required to apply for a license through the National Mortgage Licensing System (NMLS) and obtain a surety bond based on the total amount of mortgage loans.

The application process is as follows:

Complete the application and pay the license, application, credit report and initial processing fees.

Provide a copy of the business financials. If the business is new, provide a initial Statement of Condition.

Provide the following documents: Flow of Funds Structure, Certificate of Authority or Good Standing Certificate, a memorandum of tax certification, personal financial statements (a tax return and a W-2 or 1099 form) for each qualified manager, verification of experience in the form of a resume outlining specific job details and duties.

If applicable, provide a copy of formation documentation, credit report or disclosure explanations.

A $50,000 bond which is required for the first year as a licensee. After the first year, the bond is based on the total dollar amount of loans originated annually.

  • $0 - $3,000,000 loans originated = $50,000 bond
  • Greater than $3,000,000 and less than $10,000,000 loans originated = $100,000 bond
  • Greater than $10,000,000 loans originated = $150,000 bond
  • How Much Will This Bond Cost?

    The premium that you pay for a New Mexico Mortgage Loan Company or Mortgage Loan Originator Bond is dependent on credit, bond amount required, and business and personal financials (for bond amounts over $50,000).

    SuretyGroup.com is here to help you with your bonding needs.

    We have been underwriting surety bonds for over 35 years, and we offer bonds for individuals and businesses of every size.

    Our team of experienced surety specialists and in-house underwriting authority gives us a unique advantage over other surety companies. We are able to offer competitive, low rates, quick approvals and immediate bond delivery. In most cases we can approve your application today and deliver your bond tomorrow.

    Have Questions?

    Contact our Surety Bond Specialists at:

    Phone: 1‑844‑432‑6637
    Emailinfo@suretygroup.com
    Fax:     404-351-3237
    Hours: 8:00-5:00 CST, Monday through Friday



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