net branch » Opportunity » New Mexico
Mortgage Net Branch New Mexico
How do mortgage regulations differ than those of other states for mortage net branch operations in New Mexico?
The State of New Mexico has very different licensing requirements for their mortgage brokers. In addition, they allow NM mortgage net branches to operate, and there are even differences in this area.
Here are the major differences in the licensing and net branch regulations in New Mexico as of this writing:
- Broker licensing is open to loan companies. This specific business is not mentioned where other states are concerned.
- The State licensing fee for New Mexico is $400. This is one of the lowest State fees available.
- A person does not have to show proof of net worth in order to obtain a mortgage broker license in New Mexico, nor is it necessary to present an audited financial statement.
- A person applying for a mortgage broker license must put up a $25,000 surety bond in order to become licensed; however, this amount is about average for most states.
- A mortgage broker does not have to maintain a "physical" office in New Mexico. In other words, he can operate from another state as long as meets the qualifications for conducting mortgage business in New Mexico.
- No test is required; neither is a loan officer license required.
You may be wondering how all of this applies to mortgage net branches in New Mexico. Well, in order to operate a net branch, you need a mortgage broker license. As you can see, New Mexico makes it very easy to obtain this, not only because of the reasons listed, but also because no experience is required to apply for a mortgage broker license.
In addition, when you go to open your NM mortgage net branch, the registration for this appear to be free, and a license will be issued upon registration.