New Mexico License Requirements

Get an understanding of mortgage lending and insurance state licensing and continuing education requirements

Course Search

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:

    1. Complete a Criminal Background Check (CBC).
    2. Authorize a credit report through the NMLS.
    3. Fulfill all state and federal education requirements as designated by your state agency.
    4. Take and pass a National Test.
    5. 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: 

NMLS Resources: