New Mexico Mortgage Loan Company Bond

In New Mexico, mortgage loan originators are typically mandated to obtain a surety bond ranging from $50,000 to $150,000 as part of their licensing process, regulated by the Financial Institutions Division of the New Mexico Regulation and Licensing Department.

This surety bond serves as financial protection for consumers engaging with the services of the mortgage loan originator. The specific bond amount within the provided range is contingent upon factors such as the originator's loan volume and financial stability. The NNA has secured premiums of $6 per $1,000 in liability for these bonds without a credit check. By implementing this bond requirement, the state ensures that mortgage loan originators adhere to state regulations and laws governing mortgage lending activities. It's essential for mortgage loan originators to maintain an active and valid bond throughout their licensing tenure.