The Financial Institutions Division of the New Mexico Regulation & Licensing Department, administers the laws and regulations pertaining to Mortgage Companies working within the state under the Mortgage Loan Company and Loan Broker Act. A Mortgage Broker (Loan Broker) is any person who acts as a finder or agent of either a lender or a borrower in order to procure a mortgage loan. The license covers both first and subordinate mortgages.

All New Mexico mortgage licenses are handled through the National Mortgage Licensing System. Prelicensing requirements include approved Courses that are 20 or more hours and contain 3 hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional Mortgage Lending plus 12 or more hours of electives. This may be in addition to New Mexico-required content. Continuing Education Requirements include at least eight hours of NMLS approved instruction.

The licensing fee for NMLS for Loan Originators is $469, and the fee for a mortgage loan company is $1,600.  Click on the links in the preceding sentence for more details about each license.

Even acting as a Mortgage Broker for one loan requires a license. A person or company also needs to be licensed in New Mexico if they transact business over the internet with consumers living in New Mexico.

Applicants who desire to become a Mortgage broker submit a Surety Bond in the amount of $50,000. 

The physical location of the business office may be in either a commercial setting or a residential setting.

The New Mexico Association of Mortgage Brokers (NMAMB), is an affiliate of the National Association of Mortgage Brokers (NAMB), . These organizations aim at improving the quality of the real estate mortgage industry and are a great resource for those who desire to become a Mortgage Broker in New Mexico.

New Mexico Mortgage Forms	New Mexico Reciprocity States
Most mortgage forms can be obtained online Ones listed below pertain to new salespersons and brokers. Mortgage Licensing FAQs Mortgage Loan Company Corporate Surety Bond Mortgage Loan Originator Corporate Surety Bond	N/A (as of 2/23/2010)
New Mexico Approved Mortgage Schools Prelicensing and Postlicensing Education
Community Colleges N/A	Private Schools Abacus Mortgage Training McKissock.com TheMortgageTrainingCenter.com Training Pro
Last Update:  2/22/2010 This list may not include all approved schools. Please visit the Financial Institutions Division website for the latest list of approved schools.