New Mexico Mortgage Loan Company Corporate Bond
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How Much Do New Mexico Mortgage Loan Company Bonds Cost?
New mortgage loan companies must file $50,000 surety bonds which start as low as $375. After the first year, the bond requirement varies based on the value of mortgage loans originated in the previous year using the following scale:
- $50,000 bond for $0–$3,000,000 originated
- $100,000 bond for over $3,000,000–$10,000,000 originated
- $150,000 bond for over $10,000,000 originated
Your exact price will vary based on your credit score and application materials. Some bonds are eligible for a 25% multi-year discount and premium financing plans. Apply now to get your free quote:
If you work as a loan originator in other states, we offer mortgage industry license bonds nationwide.
How Does a New Mexico Mortgage Loan Company Corporate Bond Work?
A New Mexico mortgage loan company corporate bond binds three parties in a legal contract:
- Principal: The mortgage loan company purchasing the bond
- Surety: The provider issuing the bond to the principal
- Obligee: The Regulation and Licensing Department requiring the bond
If a bonded mortgage loan company breaks the contract terms, harmed parties can file a claim to recover damages. The surety company will pay out valid claims up to the full bond amount, which the loan company would need to reimburse.
How Do I Renew My Bond?
New Mexico mortgage loan company corporate bonds remain active until canceled and require annual renewal. A SuretyBonds.com representative will contact you with renewal instructions and an invoice to keep your bond active before your term ends.
To cancel a bond, the principal or surety must send 30-day’s written notice to the obligee.
How to Get a Mortgage Loan Company Bond in New Mexico
With SuretyBonds.com, you can get your New Mexico mortgage loan company bond in just four easy steps:
- Apply for your surety bond online
- Receive a free quote within one business day
- Sign your documents with DocuSign
- Checkout on our secure, online portal
We'll email your official bond form immediately after purchase. You must then sign and file the bond with the New Mexico Regulation and Licensing Department.
What Is a New Mexico Mortgage Loan Company Corporate Bond?
New Mexico mortgage loan company bonds ensure that corporations comply with all rules and regulations stated in the New Mexico Mortgage Loan Company Act. Violations of this act include, but are not limited to the following:
- Collecting additional amounts from negotiating or procuring a loan
- Committing a fraudulent transaction
- Falsifying statements
- Falsely representing factual material
- Lacking a good business reputation
- Hiring unlicensed MLOs
How to Become a Licensed Mortgage Loan Company in New Mexico
Mortgage loan companies in New Mexico must be licensed and bonded with the state Regulation and Licensing Department to operate legally. Use the NMLS Mortgage Loan Company New Application Checklist to complete the licensing process.
More Resources
- Financial Institutions Mortgage Industry: Forms
- Title 12 Trade, Commerce and Banking Chapter 19 Mortgage Lending Part 8 Mortgage Loan Company Requirements
- FAQs Mortgage Loan Companies/Mortgage Loan Originators
- Financial Institutions Mortgage Fees
- Financial Institutions Rules and Laws
- Mortgage Loan Company Corporate Surety Bond
- Title 12 Trade, Commerce and Banking Chapter 19 Mortgage Lending Part 1 General Provisions
- Mortgage Loan Company Act Chapter 58 Article 21
Have Questions?
Call 1 (800) 308-4358 to talk with a Surety Expert today.
