Current Mortgage Loan Company Registrants:
The New Mexico Financial Institutions Division's Transition Plan requires, as your current registration certificate expires and also as a part of the implementation of NMLS, that each mortgage loan company holding a registration certificate, create a company record (Form MU1) for themselves, a record for each control person and qualified manager (Form MU2) and a record for each branch (Form MU3), and electronically submit it to the National Mortgage Licensing System and Registry. There is a Workflow Guide to help walk you through this process found at the following link: NMLS Quick Guides. Completing and submitting these records through NMLS will take the place of the renewal process from September 1, 2009 until July 31, 2010, the deadline for mandatory licensure. If you transition your registration certificate to an NMLS license in September, your license would be valid for up to 16 months for the price of 12 months since all licenses will expire for the first time on December 31, 2010. Conversely, if you transition your registration certificate to an NMLS license on the last day possible, July 31, 2010 your license will be valid for 5 months but you will have to renew and pay for a renewal license by the due date of November 1, 2010. Such timing will require that you pay for licensure twice in three months. Registration fees received before September 1, 2009 will not be refunded. Paper form registration applications will not be available nor accepted after September 1, 2009.
The New Mexico Financial Institutions Division will be sending you a letter notifying you that you may begin filling out Forms MU1, MU2 and MU3 through NMLS. You will not be allowed to submit and pay through NMLS until September 1, 2009.
It is important that current registrants have their New Mexico registration certificate number available when completing and submitting their Form MU1.
NOTE: If you have submitted these forms in another state, then you do not need to re-enter your company record into NMLS. You will only need to identify the appropriate license in New Mexico and complete a few state specific fields.
New Mortgage Loan Originator Requirement:
The NMLS will allow you, or the company you're affiliated with, to manage your license with the New Mexico Financial Institutions Division, as well as other participating state mortgage regulatory agencies, with a single record conveniently maintained in an electronic form and accessed through a secure website. Your record in the NMLS will consist of all the information contained on Form MU4 - Uniform Individual Mortgage License/Registration & Consent form. A sample of From MU4 can be found on the NMLS website at: MU Forms.
The record can be created and completed by you or by the company that employs you. It is important that you consult with your company prior to creating or completing a record in the NMLS. If the LO is going to establish himself/herself as a sole proprietor, then the originator must obtain a Mortgage Loan Company License and a Loan Originator license through the system. Licensure of mortgage loan originators is optional from September 1, 2009, going forward, however they must be licensed on or before July 31, 2010. For instruction on how to properly submit an application by either the mortgage loan company or mortgage loan originator follow the step-by-step instructions in the “Quick Guide” on the NMLS website here at NMLS Quick Guides.
The New Mexico Financial Institutions Division will be sending you a letter notifying you that you may begin filling out a Form MU4 through NMLS You will not be allowed to submit and pay for a Form MU4 through NMLS until September 1, 2009. If some or all of the qualification requirements are not available at the time of application, the Financial Institutions Division will assign a mortgage loan originator application an “Approved - Conditional” status until all requirements become available and are satisfied and approved. Loan Originators must meet the additional requirements listed below by July 30, 2010.
Additional requirements will include:
- Pre-licensure certification
- A Passing Score on a National Mortgage Test
- A Passing Score on a State Mortgage Test
- Satisfactory criminal background check including finger prints
- New Mexico's satisfactory review of a credit report
- License Sponsorship in NMLS by your company
For questions relating to the NMLS licensing process and procedures, please contact the NMLS Call Center at (240) 386-4444.
If you have any questions regarding New Mexico specific policy requirements for the New Mexico Financial Institutions Division feel free to contact Henry A. Vigil at 505-476-4566 or by email at henry.vigil@state.nm.us.
If you have any questions regarding New Mexico specific licensing requirements for the New Mexico Financial Institutions Division feel free to contact Jackie Dalmy at 505-476-4908 or by email at jackie.dalmy@state.nm.us.
If you would like to view the Financial Institutions Division website, click: www.newmexicomortgagelending.us