NM New Mexico
New Mexico focuses on the Qualified Individual (QI) the most in their company application. The QI is required to be a control officer, hold a NM MLO license and have at least 2 out of the last 4 years of experience reflected by providing a resume, W2’s/1099’s and tax returns at time of submission.
| State | License Name | State Fee | Bond Prem. | RA Fee | SoS Fee | MLG Processing Fee | Total |
|---|---|---|---|---|---|---|---|
| New Mexico | Mortgage Loan Company License | $1,620 | $375 | — | $263 | Call for More Information | $2,258 |
License: Mortgage Loan Company License
- Operating Status: Broker/Lender
- Bond Amount: $50,000
- Net Worth: Positive
- Brick & Mortar: No
- Financial Type: Unaudited
Obtaining a New Mexico mortgage broker license involves meeting several state-specific standards, with the most important requirement centered on the Qualified Individual (QI). New Mexico places significant emphasis on the QI during the company application process, making this role essential for any mortgage broker, lender, or mortgage company seeking approval in the state. The QI must be a control officer of the company, hold an active New Mexico MLO license, and demonstrate relevant industry experience. At the time of submission, the QI must show at least 2 of the last 4 years of mortgage-related experience. This is verified through a detailed resume, W-2s or 1099s, and supporting tax returns. Without a fully qualified QI, a New Mexico mortgage broker license application will not move forward. Beyond the QI requirement, applicants must meet standard state licensing obligations such as establishing a compliant business entity, obtaining the appropriate surety bond, maintaining registered office records, and ensuring all control persons complete background checks, credit checks, and NMLS filings. Companies must also submit a detailed business plan and disclosures through the NMLS. With the right preparation—especially around the Qualified Individual—companies can streamline the approval process and secure their New Mexico mortgage broker license successfully.