New Mexico Mortgage Broker Bond

What is an New Mexico Mortgage Broker Bond? 

New Mexico Mortgage Broker Bonds are required by New Mexico’s Bank and Trust to obtain your Mortgage Broker license. The New Mexico Mortgage Broker Bond amount is set at $50,000. This License is required of any company or sole proprietorship, who for compensation or gain, or in the expectation of compensation or gain, directly or indirectly accepts or offers to accept an application, negotiates or offers to negotiate the terms of a mortgage loan or solicits, processes, originates, brokers or makes mortgage loans for others.

The State requires a Mortgage Broker bond for :  

For a loan amount $0 to $3,000,000, a surety bond of $50,000 is required.

For any loan amount $3,000,001 to $10,000,000, a surety bond $100,000 is required.

Any amount greater than $10,000,000 requires a $150,000 surety bond. 

Different parts of a bond:

 There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.

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New Mexico Mortgage Broker Bond Information and Requirements:

For a loan amount $0 to $3,000,000, a surety bond of $50,000 is required. For any loan amount $3,000,001 to $10,000,000, a surety bond $100,000 is required. Any amount greater than $10,000,000 requires a $150,000 surety bond.