Per the Mortgage Loan Company Act, anyone conducting business as a mortgage broker in the State of New Mexico must have a Mortgage Loan Company License on file with the New Mexico Financial Institutions Division (NMFID). Part of the licensing process includes submitting a surety bond via the Nationwide Mortgage Licensing System (NMLS). The bond amount varies and is based on the total dollar amount of mortgage loans originated the previous year:
| Loans Originated | Bond Amount |
|---|---|
| $0 – $3,000,00 | $50,000 Bond |
| $3,000,000 – $10,000,000 | $100,000 Bond |
| $10,000,001 or greater | $150,000 Bond |
NMLS requires the executed bond to be uploaded to their site and the original mailed to the NMFID. Total licensing costs are $1,600 including NMLS processing fee. The cost for the credit report for control persons is $15 per control person. Any fees collected through the NMLS are not refundable.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.