Get Your New Mexico MLO License
New Mexico mortgage loan originators are required to be licensed. In order to apply for a license, new applicants will complete 23-hours of NMLS approved education. Our NM online MLO courses are fully approved to meet this requirement.
3 Easy Steps to obtain a Mortgage Loan Originator License in New Mexico
1
Complete our NMLS Approved 20-hr Course and our New Mexico State Specific 3-hour MLO Course. We provide both for just $229!
ENROLL HERE and start the course anytime!
2
Pass your national mortgage exam:
Exam prep included free of charge (unlike other schools)
3
Apply for the MLO License:
We report your hours to the NMLS free of charge
23 Hours SAFE Comprehensive: New Mexico MLO Courses
This is the course needed to obtain your NM MLO license. Unlike most competitors, we don’t have confusing packages. We include your online self-paced 3-hour New Mexico Laws Course AND our Exam Prep Course FREE, so you have everything in one package designed to get your license!
- 20 Hour Approved Course #16623
- 3 Hour New Mexico Laws Course #18592 ($49 value)
- Bonus Exam Prep Course Included FREE ($149 value)
- NMLS Hours Reporting Included Free ($30 value)
- Online Prerecorded Instructor Led Videos
- E-textbook Included
- Unlimited Phone & Email Support
- Bonus Marketing Videos Included FREE ($236 value)
If you already have an MLO license in another state and want to get a New Mexico License too, you can enroll in our 3-hr NM MLO course for $49 by calling student support at (866) 857-3510.
Why so inexpensive compared to other mortgage schools?
Since we only offer online courses, we can keep our costs low and our price affordable unlike most of our competitors. Therefore, we get to train more students than the other schools, which is a win for us. By keeping our costs lower, we help you get started in a great career as an MLO without having to take out a loan for your training, so everybody wins.
Best Training - Best Service - Best Value
Our 20-hour NMLS Approved National Course will fully prepare you to pass the license exam. Once you complete this course, you will have immediate FREE ACCESS to our 3-hour NMLS Approved New Mexico Mortgage Laws Course and a full Exam Prep Course. All three courses for just $229.
The New Mexico Financial Institutions Division (NMFID) serves as the primary regulatory authority for Mortgage Loan Originators (MLOs) operating in New Mexico. NMFID regulates any natural person who 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 is employed or associated with not more than one mortgage loan company licensee regulated by the Division. All NM MLO license applications will be submitted through your individual NMLS account.
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New Mexico 3-hour Mortgage Laws Course and Exam Prep Included Free
Our 3-hour New Mexico MLO laws course is included with the purchase of our 20-hour course. We also include our exam prep material in one easy to access package. We provide all of the training online needed to get your New Mexico MLO License.
A message from our Mortgage Loan Originator Education Instructor Rich Leffler about the training program
The Benefits of a getting a New Mexico MLO License
Working as a mortgage loan originator with a New Mexico MLO license provides exceptional opportunities due to the state’s growing economy and its unique position as a dynamic market in the Southwest. New Mexico’s blend of thriving urban centers, expanding suburban communities, and diverse regional landscapes creates strong earning potential for licensed mortgage professionals. New Mexico MLOs benefit from the state’s robust economy driven by energy, government, military, healthcare, tourism, and technology sectors, plus consistent demand from both long-time residents and professionals attracted to the region’s renowned research institutions, national laboratories, and cultural heritage. The state’s combination of vibrant city markets, fast-growing suburban neighborhoods, and access to major employers like Sandia National Laboratories, Kirtland Air Force Base, and the University of New Mexico makes it an attractive destination for homebuyers and a rewarding market for mortgage professionals. Whether you want to become a mortgage loan originator in Albuquerque, Santa Fe, Las Cruces, Rio Rancho, Roswell, Farmington, or Taos, our New Mexico mortgage loan originator course will provide the education you need to get your NM MLO license.
NM MLO Licensing FAQ's
Who is required to have a Mortgage Loan Originator license in New Mexico?
Any natural person who takes a residential mortgage loan application or negotiates loan terms for compensation or gain must be licensed. This requirement also extends to any loan processor or underwriter who is an independent contractor.
How much does a Mortgage Loan Originator make in New Mexico?
The earnings for top Mortgage Loan Originators (MLOs) in New Mexico vary significantly based on location, experience, and commission structures, with high-end earners often exceeding $300,000 annually. While the average salary for an MLO in New Mexico is often cited between $61,170 and $138,637, top-tier performers in the state earn significantly more.
How many hours of pre-licensure education (PE) are required for New Mexico?
Applicants must complete 20 hours of NMLS-approved pre-licensure education. This total must specifically include 3 hours of New Mexico state-specific content. 24hourEDU provides 23-hours of total education for New Mexico students, because the National 20-hour course will prepare you for the SAFE MLO Exam. The 3-hour NM MLO Laws course will teach you regulations to operate as a licensed MLO in New Mexico.
What are the testing requirements for a New Mexico MLO license?
As part of earning a NM MLO license, you must pass the National SAFE MLO Test Component with Uniform State Content by by scoring 75% or greater on the exam. This test is only given in person, unless you have a disibility.
How much does it cost to get a New Mexico MLO license?
The initial costs include a $200.00 application fee, a $200.00 license registration fee, and a $35.00 NMLS processing fee. There is also a $35.00 NMLS sponsorship fee.
Do I need an employer to sponsor my New Mexico MLO license?
Yes, a sponsorship request must be submitted by your employer to activate your license. The New Mexico Financial Institutions Division can approve your license in an inactive status once you meet all requirements, then you can find an employer to activate your license in the NMLS system. Once your NM MLO license is activated, you can begin working!
Can I work remotely as an MLO for a New Mexico company?
Yes, work-from-home or remote operations are allowed for MLOs licensed under the New Mexico Financial Institutions Division.
Do individual MLOs in New Mexico need their own surety bond?
No, individual MLOs are not required to obtain a personal surety bond. As employees, they are covered under the minimum $50,000 surety bond maintained by their sponsoring mortgage loan company.
What documents are required for the New Mexico MLO application?
Required uploads include government-issued legal name documentation (like a driver's license or passport), a license-specific resume verifying industry experience, and detailed credit report explanations if applicable.
What is 'Approved-Inactive' status in New Mexico?
This status is issued to applicants who have completed all licensing requirements but have not yet secured company sponsorship. While in 'Approved-Inactive' status, you are not authorized to conduct business. Once you find a bank or brokerage to sponsor your NM MLO license, they will activate it for you.
Does New Mexico require a credit report for MLO licensing?
Yes, a credit report is required. If there are derogatory accounts like collections or charge-offs, you must provide a detailed letter of explanation and proof of payoff or payment arrangements.
Are criminal background checks required for New Mexico MLOs?
Yes, a criminal background check is a mandatory requirement for the New Mexico MLO license application.
What is the New Mexico Mortgage Loan Originator Licensing Act?
This is the state legislation, officially cited as §58-21B NMSA 1978, that governs the licensing and professional conduct of MLOs in the state.
How should I format my 'Verification of Experience' resume?
The resume must be license-specific and incorporate detailed job descriptions and duties for all previous employers to demonstrate relevant industry experience.
How do I contact the New Mexico Financial Institutions Division for licensing questions?
You can contact licensing staff via email at nmfid.licensing@state.nm.us or by phone at (505) 476-4885.
Frequently asked Questions about 24hourEDU and How to Get your Mortgage License
How much does a mortgage loan originator make on average in the United States?
According to a study performed by GLASSDOOR on June 6th, 2024, the average salary for a mortgage loan originator is around $177,000 per year with the top MLO’s making over $240,000 per year.
What does mortgage license training involve?
Mortgage license training involves completing the 20-hour pre-licensure education course, passing a national exam, and meeting state-specific requirements. The training covers topics such as federal and state mortgage laws, ethics, loan origination, and consumer protection.
How long does mortgage license training typically take?
The duration of mortgage license training can vary, but most aspiring MLOs can complete the required pre-licensure education in 20-30 hours. This includes additional time for exam preparation. 24hourEDU includes a complete exam prep course for the SAFE MLO National Exam free of charge with our 20 Hour SAFE Comprehensive: Online (OIL) – Mortgage Loan Originator Course.
- 3 hours of ethics
- 2 hours of non-traditional mortgage lending
- 12 hours of electives – Our online MLO course dedicates all of these hours to preparing you for the SAFE MLO test for mortgage loan originator licensing.
What are the educational requirements for mortgage license training?
The SAFE Act requires a minimum of 20 hours of pre-licensure education, which includes 3 hours of federal law, 3 hours of ethics, 2 hours of non-traditional mortgage lending, plus 12 hours of general mortgage origination electives. Other states may require additional hours.
How much does 24hourEDU’s mortgage license training cost?
The 24hourEDU 20-hour course costs just $229! The cost of mortgage pre-licensure education with other courses can range from $300 to $800 plus they have additional costs for exam prep courses and NMLS hour reporting fees. 24hourEDU does not nickel and dime you on this. We include exam prep and the NMLS hour reporting fees in our tuition. Some students also ask: Why is 24hourEDU so cheap? By keeping our tuition affordable, we get to train more MLO students than any other school, so that is a win for us. By having the best price, we also help students get their mortgage license without spending an arm and a leg on the training. Everybody wins.
Can I complete mortgage license training online?
Yes, the 24hourEDU NMLS-approved course offers online mortgage license training. This allows for flexible scheduling and online learning, making it convenient for those who are working or have other commitments. Per NMLS regulations, the 20-hour course must be completed in 14 days or less from the start date. All of the training and testing to pass your 20 Hour SAFE Comprehensive: Online (OIL) – Mortgage Loan Originator Course will be done online in our learning management system.
Is there an exam I need to pass after completing mortgage license training?
Yes, after completing the pre-licensure education, you must pass the SAFE Mortgage Loan Originator Test. Our training includes guidance to study for the national component and, for many states, a state-specific component. The exam tests your knowledge of mortgage lending practices and relevant laws.
What topics are covered in mortgage license training courses?
Mortgage license training courses typically cover federal and state mortgage laws, ethics, loan origination processes, financial calculations, credit analysis, types of mortgage products, and fair lending practices. 24hourEDU has specifically designed our course to prepare you for the SAFE MLO National Exam.
How often do I need to renew my mortgage loan originator license?
MLO licenses must be renewed annually. The renewal process involves completing state continuing education requirements and paying a renewal fee. The NMLS Annual Renewal Period begins Nov. 1 each year. The renewal deadline each year is December 31st.
What is the NMLS, and how does it relate to mortgage license training?
The Nationwide Multistate Licensing System & Registry (NMLS) is the system of record for MLO licensing and registration. It manages the pre-licensure education, testing, and continuing education requirements for MLOs across the United States. You will learn all about the NMLS while completing our 20 Hour SAFE Comprehensive: Online (OIL) – Mortgage Loan Originator Course.
Can I work as an MLO while completing my mortgage license training?
You cannot work as an MLO while completing your training. You must first complete the pre-licensure education, pass the SAFE MLO test, and obtain your license before you can legally originate mortgage loans.
Are there different mortgage license training requirements for each state?
While the SAFE Act establishes minimum national standards that cover this state, other states have additional requirements for MLO licensing. These may include a few more hours of state-specific pre-licensure education, or a different process for background check requirements.
What career opportunities are available after completing mortgage license training?
After completing mortgage license training and obtaining your license, you can work as an MLO in various settings, including banks, credit unions, mortgage companies, or as an independent broker. With experience, you might advance to roles such as team leader, branch manager, or even open your own mortgage brokerage.
Is 24hourEDU legit? Can I get my mortgage license hours by taking an online course?
Yes, the 20 Hour SAFE Comprehensive: Online (OIL) – Mortgage Loan Originator Course by 24hourEDU is 100% approved by the NMLS so you can get the core hours required to apply for a mortgage loan origination license. 24hourEDU is an approved NMLS Course Provider listed in the NMLS list of approved online mortgage education providers under ID: 1405107.
