Sales/Enroll 888-360-8764
We have 4 formats: Live Classroom Instruction, Classroom Equivalent Webinars: for Pre-Licensing and Continuing Education, Online Instructor Led for Pre-Licensure, Self Study Continuing Education classes
- Home
- |
- New Mexico Loan Originator License
agentcampus.com offers these Alabama mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.
MortgageEducation.com
NMLS Provider No. 1400051
Address: 555 West 23rd Street, N10E New York, NY 10011
Customer Support:
(404) 496-4177
Who is required to have this 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 does not need this license?
- registered mortgage loan originators when acting for an entity that meets the definition of mortgage loan originator and is an employee of:
- a depository institution;
- a subsidiary that is:
- owned and controlled by a depository institution; and
- regulated by a federal banking agency; or
- an institution regulated by the farm credit administration;
- an individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member of the individual;
- 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
- 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 any agent of such lender, mortgage loan company or other mortgage loan originator.
- 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 and instruction of a person licensed, or exempt from licensing, pursuant to the Mortgage Loan Company Act.
Pre-requisites for license applications?
- Education – 20 hours of pre- licensing education which will include 3 hours of New Mexico specific education.
- Testing – A National and State test that will require a 75% or better score to pass.
- Background Check w/ Finger Prints – Each applicant must submit a set of finger prints for a background check.
- Credit Report – Each applicant will have a credit report pulled through the Nationwide Licensing system to establish the financial responsibility of the applicant.
- Surety Bond – Each applicant must obtain a surety bond, except that an applicant may use the surety bond of the mortgage loan company they are working for if they are a W-2 employee and sponsored by that mortgage loan company through the Nationwide Mortgage Licensing System. A surety bond in the amount of $50,000 will be required for first year as a licensed mortgage loan originator. After the first year, the surety bond will be based on the total dollar amount of mortgage loans originated annually in New Mexico by the licensee and will be based on the following scale:
- $0 – $3,000,000 = $50,000 surety bond
- Greater than $3,000,000 but less than $10,000,000 = $100,000 surety bond
- Greater than $10,000,000 = $150,000 surety bond
New Mexico Mortgage Loan Originator License
SAFE ACT Requirements
- SAFE MLO Test – All licensees must pass the National and State Components of the SAFE MLO Test by 7/31/2010.
- Criminal Background Check – All licensees must submit fingerprints through NMLS for a criminal background check by 7/31/2010.
- Credit Report – All licensees must authorize a credit report through NMLS by 7/31/2010.
New Mexico Mortgage Education Requirements
- SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – All new applicants on or after 7/31/2010 must have completed 20 hours of NMLS approved pre-licensure education, including 3 hours of NM specific. All new applicants prior to 7/31/2010 must have completed 20 hours of NMLS approved pre-licensure education, including 3 hours of NM specific education by 7/31/2010.
- SAFE Act Continuing Education (Required courses – SAFE CORE 7 hours) – All licensees must take 8 hours of NMLS approved continuing education, including 1 hour of NML specific in 2011 in order to renew for 2012. This course should be taken Yearly by 12/31.
MortgageEducation.com and 360Training Marketing Questions
What are the different course formats available to the student?
How long is the course good for? For Pre-license? For CE?
Course purchases are good “forever,” with the only barrier being if we discontinue a course. The course timing expiration varies:
- Classroom – scheduled
- Webinar- 2 to 5 Hours
- Online Instructor Led- 3 to 5 days
What is the vendor approval number?
Our NMLS Provider ID: 1400051
What are the course approval numbers?
Consult the NMLS Master Course Catalog for more detail
How can the Live Instructor help while the customer is taking the course? Is it 24X7?
When the students are in the Webinar based classes, the instructor is there the entire time to answer questions. With the Online Instructor Led, emails go to two instructors, both of whom have general knowledge and are generally available. Responses to activities in the courses occur twice a day. Tech Support – 9:30- 6:30 EST
What’s the Refund policy?
A request for refund, less a 15% processing fee, will be honored if requested within seven calendar days of purchase date. Additionally, for classroom courses, refund requests must be received no later than seven days prior to the course start date. No refunds will be issued for completed courses
How does the online course player work?
75%
What’s the passing score for Pre-license and for CE?
We use “articulate.” we have timed slide progression, interspersed with Knowledge Check, which are short four-question quizzes that require 100% to pass and continue
Are we going to take care of the Live classroom registrations if yes please specify how?
A mix of manual and technology based requests will be done on our end
Are there any pre-test requirements for Pre-licensing for each state if yes please specify.
Students may take the NMLS State and National Exams in any order they choose, and may take them before or after completing the Pre-Licensing Education
Are the printable certificates available upon completion?
If you are not taking these courses for Continuing Education Credit or State Certifications of any Kind, your Certificates will be available to you to Print from your Final exam box located on your “Welcome Page” instantly upon completion of the Final exam
agentcampus.com Blog
