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
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
The physical location of the business office may be in either a commercial setting or a
The New Mexico Association of Mortgage Brokers
(NMAMB), is an affiliate of the National Association of
(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