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How Much Does a New Mexico Mortgage Loan Company Bond Cost?
The cost of a New Mexico mortgage loan company bond is between $500 and $15,000. The state requires a bond amount between $50,000 and $150,000, based on annual loan originations. Instead of covering the full amount of the bond directly, your bond is available through a surety company at a premium.
With more than a decade of experience serving New Mexico’s bond needs, we are the authorized surety company that you can rely on. Bond premium rates are between 1% and 10%.
Your rate is determined by factors like your credit rating, liquid and fixed assets, and professional credentials. Most credit scores qualify through our bond programs.
A credit score of at least 700 qualifies for a 1% to 3% premium. A 600 to 699 score qualifies for a 3% to 5% premium. A premium of 5% to 10% is offered to applicants with a 599 score or lower.
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Surety Bond Cost Based on Credit Score |
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Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
New Mexico Mortgage Loan Company Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
New Mexico Mortgage Loan Company Bond |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
New Mexico Mortgage Loan Company Bond |
$150,000 |
$1,500 - $4,500 |
$4,500 - $7,500 |
$7,500 - $15,000 |
How to Get a New Mexico Mortgage Loan Company Bond
1. Apply for Your New Surety Bond Online
To purchase your New Mexico mortgage loan company bond, the first step is to apply. It only takes a couple of minutes to fill out the online application. You can rely on our dedicated bond experts to answer your questions as you complete the form.
Cam hoped to set up his new bond quickly so that he could complete the state’s licensing process. Between our online application, instant bond quote and online payment portal, Cam quickly met the bond requirement for a loan company license and finalized his application.
2. Review Your Bond Quote
Our bond applicants benefit from instant, no-obligation quotes after applying online. Some applications require greater review, and we provide quotes for these more complex situations within 48 hours or less.
3. Pay Your Bond Premium Online
To complete your purchase, make your premium payment online. After your payment is processed, your bond will be prepared and emailed directly to you. If you need a mailed copy, we are happy to assist you upon request.
Our bond experts are available to guide you through our process and answer your questions. If you need assistance, please contact us or call us at (877) 514-5146.
Mortgage Loan Company Bond Requirements in New Mexico
The New Mexico Regulation and Licensing Department is the governing authority responsible for mortgage loan company and loan originator licenses. The bond requirements are established under Section 58-21-7 NMSA, 1978. License applications are processed by the Nationwide Multistate Licensing System.
Both mortgage loan companies and originators have the same bond amount requirements. However, the originator’s requirement is met by the loan company’s bond. The required amount of the bond is between $50,000 and $150,000 and is based on annual loan originations.
The obligee for the surety bond is the State of New Mexico. This is a continuous bond that remains in full force until it is canceled. To cancel the bond, the surety must provide the principal and obligee with a 30-day written notice. The loan company is responsible for replacing the bond.
You can get more information about how to get a mortgage broker license through our guide. For additional information, contact the New Mexico Regulation & Licensing Department at (505) 476-4885.
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
