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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 price of these bonds can fluctuate so much, we encourage you to submit an online bond request to receive your personalized quote.
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 an expert.
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.
Mortgage Industry Surety Bonds Available Nationwide
Many states have specific 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.