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Become A Mortgage Broker In New Mexico

Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of New Mexico or anyone looking to become a mortgage broker in New Mexico.

The Financial Institutions Division of the New Mexico Regulation & Licensing Department, administers the laws and regulations pertaining to Mortgage Brokers 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.

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 in New Mexico pay a $400.00 application fee, and a license fee of $300 upon renewal. They also submit a Surety Bond in the amount of $25,000. There are no educational requirements and no net worth requirements.

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), www.nmamb.org, is an affiliate of the National Association of Mortgage Brokers (NAMB), www.namb.org. 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.

We also offer information and resources for New Mexico Commercial Mortgage.

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