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New Mexico Mortgage Loan Company Corporate Bond

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 to submit an online bond request to receive your free, personalized, no-obligation surety bond quote.

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Mortgage Loan Company Bond $3,000,000 or less in mortgage loans annually $50,000 Starts at $500 $2,000-4,000 $5,000+ Apply Now
Mortgage Loan Company Bond $3,000,001-9,999,999 in mortgage loans annually $100,000 Starts at $1,000 $4,000-8,000 $10,000+ Apply Now
Mortgage Loan Company Bond $10,000,000 or more in mortgage loans annually $150,000 Starts at $1,500 $6,000-12,000 $15,000+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

Call 1 (800) 308-4358 or submit a bond request to connect with our team of surety bond experts.

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!

Ready to get started?

Get a FREE Mortgage Loan Company Bond Quote Today!

Additional Resources

Financial Institutions Mortgage Industry: Forms

Title 12 Trade, Commerce and Banking Chapter 19 Mortgage Lending Part 8 Mortgage Loan Company Requirements

Financial Institutions Mortgage Industry: FAQs Mortgage Loan Companies/Mortgage Loan Originators

Financial Institutions Mortgage Industry: Fees

Financial Institutions Rules and Laws

Financial Institutions Division 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 Mortgage Loan Companies and Loan Brokers

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