New Mexico Mortgage License Requirements
Learn about the New Mexico mortgage education requirements for mortgage licensing.
In the state of New Mexico, mortgage loan originators are required to:
- Complete a Criminal Background Check (CBC).
- Authorize a credit report through the NMLS.
- Fulfill all state and federal education requirements as designated by your state agency.
- Take and pass a National Test.
- Surety Bond - Each applicant must obtain a surety bond, except that an applicant may use the surety bond of the mortgage loan company they are working for if they are a W-2 employee and sponsored by that mortgage loan company through the Nationwide Mortgage Licensing System. A surety bond in the amount of $50,000 will be required for first year as a licensed mortgage loan originator. After the first year, the surety bond will be based on the total dollar amount of mortgage loans originated annually in New Mexico by the licensee and will be based on the following scale:
- $0 - $3,000,000 = $50,000 surety bond
- Greater than $3,000,000 but less than $10,000,000 = $100,000 surety bond
- Greater than $10,000,000 = $150,000 surety bond
New Mexico NMLS Pre-Licensing Education Requirements:
New state-licensed MLOs are required to complete 20 hours of NMLS-approved education. This includes:
- 3 hours of federal law
- 3 hours of ethics
- 2 hours of non-traditional mortgage lending
- 9 hours of electives
- 3 hours of New Mexico state-specific education
New Mexico Continuing Education Requirements:
State-licensed MLOs are required to complete 8 hours of NMLS-approved mortgage education annually beginning the year they are licensed (unless PE was completed in the same year). This includes:
- 3 hours of federal law
- 2 hours of ethics
- 2 hours of non-traditional mortgage lending
- 1 hour of New Mexico state-specific education
MLOs are advised that to comply with the SAFE Act’s “successive years” rule, they may not take the same CE course two years in a row.
New Mexico Mortgage Licensing:
- New Mexico Regulation and Licensing Department
- Phone: Licensing Specialist Amanda Urban 505-476-4819, Industry Manager Juan Trevizo 505-476-4519
- Email: amanda.urban@state.nm.us or juan.trevizo@state.nm.us
- Website: www.rld.state.nm.us
NMLS Resources:
- New Mexico MLO License Description Page
- Professional Standards: Mortgage Education
- Professional Standards: Criminal Background Check
- Professional Standards: Credit Report
- Professional Standards: MLO Testing