How to get New Mexico Mortgage Loan Originator Prelicensing Education PE and NM Continuing Education CE Requirements Met
1. Get your NMLS Number
If you have not done so already, it takes 1 -2 minutes to get your NMLS number. https://www.statemortgageregistry.com/Public/Login.aspx Click "Request an account" Click "Individual" We try to make all of these things easier, what questions may we answer? Use the chat feature on the bottom right corner of every web page to get answers now!
2. Get and complete your NM 20 Hour Prelicense Education PE Course Bundle including the best MLO test prep program available.
3. Pass the NMLS Nation Component Exam with Uniform State Test using our included test preparation program and add other states by getting and completing state PE courses
4. Apply for your New Mexico MLO License through the NMLS, the licensing system will prompt you at this point for your next steps after opening your NM Mortgage Loan Originator application.
Questions about qualifications on any part of the process? Use the chat feature on the bottom right of this webpage or click here and get answers fast!
New Mexico Loan Officer Prelicensing Education Requirements
New applicants as a Mortgage Loan Originator are required to complete 20 hours of NMLS-approved education. This education must include 3 hours of Federal law, 3 hours of ethics (which shall include fraud, consumer protection, and fair lending issues), 2 hours of non-traditional mortgage lending, 8 hours of undefined education (referred to as electives) + 3 hours of NM law. Number of hours is 3/3/2/8/+ 3hrs of NM law = 20 New Mexico has a requirement for 3 hours of instruction on state-specific lawwhich may be satisfied by either taking a NM state-specific elective course.Click here to get your NM 20 Hour Comprehensive Course Bundle and get started today or the first convenient day! Need to know how to add NM state MLO license and already licensed? click here to get your New Mexico 3 Hour MLO Narrated Online Course
New Mexico MLO Continuing Education Requirements
Every applicant for a Mortgage Loan Originator license renewal (in any approved status) is required to complete at least 8 hours of NMLS approved education annually beginning the year they are licensed (unless PE was completed in the same year). Annual CE education must include 3 hours of Federal law, 2 hours of ethics (which shall include fraud, consumer protection, and fair lending issues), and 2 hours of non-traditional mortgage lending, plus 1 hour of NM specific education. Number of hours is 3/2/2/+ 1hr of NM law = 8 Click here to get your 8 hour SAFE Comprehensive CE Course MLOs are advised that to comply with the SAFE Act’s “successive years” rule, they may not take the same CE course two years in a row. MLO’s are advised not to retake pre-licensure education (PE) unless directed to by a State Regulator. PE education does not count towards meeting annual CE requirements.
| Am I required to take Continuing Education this year? | |||
| If I completed the SAFE Act 20 hour initially in 2009-2021 | and I was licensed in 2009-2022 | am I required to complete CE in 2022 | YES |
| If I completed initial SAFE Act 20 hour PE in 2022 | and I was approved for an initial license in 2022 | am I required to complete CE in 2022 | No |
What is the New Mexico MLO CE Deadline?
The deadline to complete NM MLO CE is December 31, 2022. However, MLOs in New Mexico are prohibited from submitting an application to renew their license if they have not completed CE. Since it may take as long as seven (7) days for a course provider to report a course completion into NMLS, MLOs are strongly encouraged not to wait until the last minute to try to complete CE or they may be prevented from submitting for renewal on time.
New Mexico Mortgage Regulator Contact Information
Contact Licensing Specialist, Amanda Urban at 505-476-4819 or via e-mail Amanda.urban@state.nm.us
Contact Industry Manager Juan Trevizo at 505-476-4519 or via e-mail Juan.Trevizo@state.nm.us
For U.S. Postal Service:
Financial Institutions Division
Mortgage Unit
2550 Cerrillos Road 3rd Floor
P. O. Box 25101 (87504)
Santa Fe, NM 87505
For Overnight Delivery:
Financial Institutions Division
Mortgage Unit
2550 Cerrillos Road 3rd Floor
Santa Fe, NM 87505
Finanancial Divisions Website https://www.rld.nm.gov/financial-institutions/who-we-regulate/mortgage-industry/
How much does a NM MLO license cost? $481.25 as itemized below
NM License/Registration Fee: $200
NM Application Fee: $200
NMLS Initial Processing Fee: $30
Credit Report: $15
FBI Criminal Background Check: $36.25
New Mexico MLO NMLS Checklist what are the NM MLO Licensing requirements?
Click here to access the New Mexico Licensing Requirements NMLS MLO Checklist https://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/NM-MLO-New-Application-Checklist.pdf
Who has to be licensed in NM as an MLO NM Processor?
Who Is Required To Have a New Mexico Mortgage Loan Originator License?
Any natural person who: (a) for compensation or gain, or in the expectation of compensation or gain, directly or indirectly takes a residential mortgage loan application or negotiates or offers to negotiate the terms of a residential mortgage loan; and (b) is employed or associated with not more than one mortgage loan company licensee regulated by the Division. Any processor or underwriter who is an independent contractor.
Who Is Not Required To Have MLO License? Who is exempt from NM MLO licensing requirements?
1) registered mortgage loan originators when acting for an entity that meets the definition of mortgage loan originator and is an employee of:
a. a depository institution;
b. a subsidiary that is:
i. owned and controlled by a depository institution; and
ii. regulated by a federal banking agency; or
c. an institution regulated by the farm credit administration;
2) an individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member of the individual;
3) an individual who offers or negotiates terms of a real property sale financed in whole or in part by the seller and secured by the seller's real property; or
4) a licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney's representation of the client, unless the attorney is compensated by a lender, a mortgage loan company or other mortgage loan originator or; by
5) any agent of such lender, mortgage loan company or other mortgage loan originator.
6) an individual engaged solely as a loan processor or underwriter who performs clerical or support duties as an employee at the direction of and subject to the supervision
7) and instruction of a person licensed, or exempt from licensing, pursuant to the Mortgage Loan Company Act.
New Mexico notes
New Mexico Mortgage Company Examiniation Stacking Order and other forms https://www.rld.nm.gov/financial-institutions/forms-and-applications-2/