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New Mexico SAFE / Mortgage Licensing

About New Mexico Mortgage Licensing: How To Get A New Mexico NMLS Mortgage License

Looking to become a New Mexico Mortgage Broker or Loan Officer to serve communities in Sante Fe, Albuquerque, Taos, and other cities in New Mexico? If yes, you've come to the right place!
NMLS SAFE Training
The Mortgage Training Center offers a variety of New Mexico mortgage licensing and training courses to help you earn your New Mexico mortgage license or continuing education credits.

What Does A New Mexico Mortgage Broker Do?

A mortgage broker is a licensed professional that acts as a middleman between lenders and purchasers. The broker works to find a mortgage lender with terms and rates that best fit the customer's needs, then going through the required processes and working with the mortgage underwriter to get the loan approved.

What Is The Difference Between A Mortgage Broker And A Mortgage Loan Officer?

Basically, the Mortgage Broker is the business owner and the Mortgage Loan Officer is an employee of the Mortgage Broker. In some instances, like a single-person shop, the Mortgage Broker does the work of the Loan Officer. Bottom line, the Mortgage Broker is responsible for the work output and complying with applicable laws.

What Does A Mortgage Loan Officer Do?

A Mortgage Loan Officer starts the mortgage application process by gathering from potential borrowers the information needed to start that borrower's loan review process. This includes things like W2s, 1099s, bank statements, tax returns, etc.

They are responsible for working with the borrower to complete mortgage loan application, submitting the application to underwriting, following up on any additional information needed or requested from the underwriter, then communicating the loan decision to the potential borrower.

How Do Mortgage Brokers Make Money?

Mortgage brokers make money by dealing with lenders who discount the cost of their mortgage product to allow a mortgage broker the ability to charge a fee by submission of a loan package for funding. This relationship between a mortgage broker and a lender is called wholesale lending.

About The New Mexico Mortgage Broker Licensing Requirements: How Do I Get A Mortgage License In New Mexico?

You earn a mortgage broker license in New Jersey by completing your pre-licensing course, passing your mortgage licensing exam, then applying for your license through the NMLS. Get started by selecting a mortgage pre-licensing course from the list below.
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New Mexico Mortgage Licensing Requirements

The SAFE Act requires states to establish minimum rules and standards for the licensing and registration of mortgage loan originators. This allows easy access to a Loan Officer and Mortgage Broker's credentials and allows the public to know what kind of mortgage history these providers have.

Essentially, the SAFE Act requires that state-licensed Mortgage Loan Originators pass the 20-hour NMLS licensing exam, and take eight hours of annual continuing education courses.

For further details on New Mexico Mortgage Broker Licensing requirements, go to:

Financial Institutions Division
2550 Cerrillos Road, 3rd Floor
Santa Fe, NM 87505
(505) 476-4885
(505) 476-4670 Fax

Disclaimer: This information provided is based on state laws and regulations, and is subject to change. While we make every effort to asure this information is current and accurate, it is not engaged in rendering legal or professional advice, and shall not be held responsible for inaccuracies contained herein.
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