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Get Your Mortgage Loan Originator License in 2022!

 

 

New Mexico Bundle

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Starting at: $399 Now Only $269!

Use Promo Code: NMPEDEAL

 

 

Licensed in another state and want to add New Mexico?

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Now Only $59!

Use Promo Code: NMPE59

 

 

 

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 Your 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.

 

 

Step 1

     

Step 2

     

Step 3

 
 

Apply for Your NMLS Account and ID Number

     

Complete Your NMLS Pre-License Education

     

Pass the NMLS Mortgage Licensing Exam

 
 

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.

 
 

Step 4

     

Step 5

     

Step 6

 
 

Pass the NMLS Mortgage Licensing Exam

     

Complete Background Checks

     

Associate Your NMLS Account with Your Employer

 
 

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 Mortgage License Education Requirements

The mortgage license requirements in New Mexico include 20 hours of education. This includes the following:

 

  • 3 hours of federal law

  • 3 hours of ethics

  • 2 hours of non-traditional mortgage lending

  • 9 hours of electives

  • 3 hours of law education specific to New Mexico

 

You can take these courses through Mortgage Educators and Compliance. Purchase a course bundle for a low price.

 

 

What's the Difference Between a New Mexico Mortgage Broker License and a New Mexico Loan Officer License?

Are a mortgage broker and a loan officer the same thing? Both have the same type of license, but their duties are different.

 

A loan officer acts as a salesperson to help clients choose the right mortgage, whereas a mortgage broker originates mortgage loans and functions similarly to a business.

 

A mortgage broker offers a lot more options, and they work with multiple mortgage lenders to help clients find the best loan. A loan officer, on the other hand, is limited to mortgage options offered by their bank.

 

Cost of Getting Your Mortgage License in New Mexico

Before you can get a mortgage license in New Mexico, you’ll need to pay the following fees:

 

- Testing: $110

- Initial setup fee: $30

- License/registration fee: $200

- Application fee: $200

- Criminal background check: $36.25

- Credit report: $15

 

 

PE Expiration Policy in New Mexico

 

After completing the pre-licensure education, you have three years to get your mortgage license in New Mexico. After that time limit, you will be required to retake the 20 hours of pre-licensure education.

 

New Mexico Continuing Education Requirements

 

MLOs are required to take eight hours of continuing education every year in order to maintain a mortgage license in New Mexico. The required classes include the following:

 

  • 3 hours of federal law

  • 2 hours of ethics

  • 2 hours of non-traditional mortgage lending

  • 1 hour of education specific to New Mexico laws

 

 

Learn More About Becoming an MLO in New Mexico

Ready to take the next step and get your mortgage license in New Mexico? Mortgage Educators and Compliance offers the courses you need to succeed. Contact us to purchase a course bundle.

 

 

 

Additional Questions?

Mortgage Educators and Compliance is here to answer any additional questions that you may have in regards to your mortgage license. For additional questions, feel free to call us at (801) 676-2520 or email us at 20hour@MortgageEducators.com.

 

 

 

 

New Mexico Mortgage Education Pre-Licensing