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New Mexico Mortgage Loan Company Corporate Bond

Mortgage loan company bond cost

The New Mexico Regulation and Licensing Department requires mortgage loan companies to post corporate surety bonds. The required bond amount is based on the total dollar amount of mortgage loans originated by the licensee annually.

Some surety underwriting companies require current business financials and a personal financial statement to underwrite this bond, so having these documents handy will expedite the bonding process and could help you qualify for a lower premium rate.

Give us a call at 888.610.4474 or submit a bond request to begin our fast and easy bonding process.

Why this bond

New Mexico mortgage loan company and loan broker corporate bonds ensure that principals (mortgage companies) strictly and faithfully comply with all rules and regulations stated in the New Mexico Mortgage Loan Company Act. Violations of this Act include, but are not limited to:

  • Collecting additional amounts from negotiating or procuring a loan
  • Committing a fraudulent transaction
  • Falsifying statements
  • Falsely representing factual material
  • Lacking a good business reputation
  • Hiring mortgage loan originators who are not licensed

Mortgage loan company bond details

The expiration date of a New Mexico mortgage loan company corporate bond must coincide with the expiration date of the license. If the surety wishes to cancel this bond before the expiration date, it must mail a written notice to the Director of the Financial Institutions Division at least 30 days prior to the effective cancellation date.

Become a mortgage loan company

No entity can legally conduct business as a mortgage loan company without acquiring a license. The nationwide mortgage licensing system and registry will issue an identifier number to each mortgage loan company.

To become a licensed mortgage loan company in New Mexico, an applicant must:

  • Have a good business reputation
  • Have a requested hearing
  • Pay all fees
  • Provide disclosures
  • Post a surety bond in the proper amount

All license renewal applications must be submitted no later than November 1 of each year.

Apply for your surety bond

Get a FREE Mortgage Loan Company Bond Quote Today! Click here to begin

 

Additional information