New Mexico Mortgage Loan Company Corporate Bond

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How much does a mortgage loan company bond cost in New Mexico?

The New Mexico Regulation and Licensing Department requires mortgage loan companies to post corporate surety bonds. The required bond amount is based on the total dollar amount of mortgage loans originated by the licensee annually.

Some surety underwriting companies require current business financials and a personal financial statement to underwrite this bond, so having these documents handy will expedite the bonding process and could help you qualify for a lower premium rate.

Because the required amount and, therefore, price of these bonds can fluctuate so much, our experts encourage you to submit an online bond request to receive your free, personalized, no-obligation surety bond quote.

Bond Type

Bond Amount

Cost

$50,000Mortgage Loan Company Corporate BondNew Licensee or $3,000,000 or less in loans originated during previous year

$50,000

Starts at $375

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$100,000Mortgage Loan Company Corporate Bond$3,000,001-$9,999,999 loans originated during previous year

$100,000

Starts at $750

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$150,000Mortgage Loan Company Corporate Bond$10,000,000 or more loans originated during previous year

$150,000

Starts at $1,125

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Why do I need this bond?

New Mexico mortgage loan company and loan broker corporate bonds ensure that principals (mortgage companies) strictly and faithfully 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:

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 mortgage loan originators who are not licensed

Our surety specialists are standing by to answer all of your bond questions. Give us a call at 1 (800) 308-4358 to speak with a bond expert or submit a bond request to receive your personalized, complimentary bond quote.

What’s the fine print?

The expiration date of a New Mexico mortgage loan company corporate bond must coincide with the expiration date of the license. If the surety wishes to cancel this bond before the expiration date, it must mail a written notice to the Director of the Financial Institutions Division at least 30 days prior to the effective cancellation date.

How to become a mortgage loan company in New Mexico

No entity can legally conduct business as a mortgage loan company without acquiring a license. The nationwide mortgage licensing system and registry will issue an identifier number to each mortgage loan company.

To become a licensed mortgage loan company in New Mexico, an applicant must:

have a good business reputation
have a requested hearing
pay all fees
provide disclosures
post a surety bond in the proper amount

All license renewal applications must be submitted no later than November 1 of each year.

Ready to start getting bonded? Apply for your free bond quote now!

Mortgage Industry Surety Bonds Available Nationwide

Many states have their own surety bond requirements for mortgage professionals. This means mortgage professionals who work in several states often have multiple surety bonds. Use the map below to learn more about mortgage bonds in other states.