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Obtaining a mortgage license and becoming a New Mexico loan officer is very simple, but it’s not for everyone. It takes a willingness to learn the basic ins and outs of the industry as well as a desire to work hard. The mortgage industry is a great one to get into and it provides a lot of flexibility. If you like to work hard, you are a people person, and you have a desire to learn, becoming a mortgage loan officer is the perfect choice for you.
How to Get an NMLS Mortgage License in New Mexico
If you’re in the real estate field or are looking for a career with a lot of potential, you may want to consider becoming a mortgage loan originator (MLO). The process is easy as long as you meet all the mortgage license requirements in New Mexico. Here’s what you need to do to get started.
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Step 1 |
Step 2 |
Step 3 |
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Apply for Your NMLS Account and ID Number |
Complete Your NMLS Pre-License Education |
Pass the NMLS Mortgage Licensing Exam |
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First, you’ll need to create an account with the Nationwide Multistate Licensing System & Registry (NMLS). Sign up here to get your ID number |
A licensed MLO in New Mexico is required to complete 20 hours of education. This is broken down into 17 hours of instruction and an additional three hours learning New Mexico-specific laws. |
When your classes are completed satisfactorily, set up an appointment to take your National Test Component exam. Explore the process here. Also take a look at the NMLS MLO testing handbook. |
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Step 4 |
Step 5 |
Step 6 |
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Pass the NMLS Mortgage Licensing Exam |
Complete Background Checks |
Associate Your NMLS Account with Your Employer |
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To get a mortgage license in New Mexico, you will need to pass the NMLS test. This requires a score of 75% or higher. Visit this page to schedule your MLO exam and get helpful tips on how to prepare. |
After you pass the NMLS test, you will then need to perform a background check. This involves two parts: the actual criminal background check and fingerprints. Visit this page to find out how to schedule your appointment. |
The next step is to obtain employer sponsorship. You’ll need to show proof that your employer is supervising your license. Follow these instructions to grant access to a company. |
Why You Should Get Your Mortgage License in New Mexico
Being an MLO in New Mexico can be a lucrative career. It’s also rewarding, as you get to see people realize their dream of homeownership. People enjoy the flexibility associated with this job.
MLOs are also paid great wages. Plus, many companies offer bonuses and other perks. If you’re a people person who enjoys helping others, you’ll likely find a lot of success as a mortgage loan originator.
New Mexico Frequently Asked Questions
In an effort to curb the predatory lending practices that led to the demise of the housing and residential mortgage industry in 2008, the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE) was enacted. This opened up a world of opportunity to those driven to attain an MLO license and then work hard to match people with loan products.
| Topic | Hours Required |
|---|---|
| Fair Lending, Ethics, Fraud, and Consumer Protection | 3 Hours |
| Federal Laws and Regulations | 3 Hours |
| Non-Standard Lending | 2 Hours |
| Undefined Electives | 9 Hours |
| New Mexico Electives | 3 Hours |
| Total 20 Hours | |
Although it hasn't been enacted yet, the pe expiration policy states - If you complete the required 20 hours of education but do not obtain your license for a 3-year period, you'll need to repeat the coursework. The same applies if you let your license lapse for 3+ years before you want to get back into the industry.
A “mortgage broker” refers to an individual or an organization that connects consumers with mortgage loans from a variety of companies. Mortgage brokers frequently employ loan officers. In contrast, a loan officer is an employee who regularly works with borrowers and provides loans that are originated by their employer. Brokers and loan officers need different types of licenses.
Earning your mortgage broker license in New Mexico should be considered an investment well worth your time. Here’s what to expect when it comes to licensing fees in New Mexico:
| NMLS Fees | |
|---|---|
| NMLS Initial Processing Fee | $30 |
| New Mexico License Fee | $200 |
| New Mexico Application Fee | $200 |
| Credit Report | $15 |
| FBI Criminal Background Check | $36.25 |
| Total License Cost | $481.25 |
On an annual basis, New Mexico MLO license holders must complete 8 total hours of Comprehensive Continuing Education that must cover:
| Topic | Required Hours |
|---|---|
| Federal Regulations and Law | 3 Hours |
| Ethics, including consumer protection, fair lending | 2 Hours |
| Non-Traditional mortgage lending | 2 Hours |
| New Mexico Specific Education | 1 Hour |
Remember to take into account the “successive years” rule, which prohibits loan officers from taking the same CE course two years in a row.
Mortgage Educators changes its continuing education course annually to ensure there are no issues with the successive years rule.
The deadline to complete CE in New Mexico is December 31st. MLO's in New Mexico are actually prevented from applying for license renewal until they have completed their CE.
Mortgage Educators and Compliance is here to answer any additional questions you may have regarding your New Mexico mortgage license. For additional questions, feel free to call us at 801-676-2520 or email us at [email protected].
