New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 19 - MORTGAGE LENDING
Part 2 - MORTGAGE LOAN ORIGINATOR REQUIREMENTS
Section 12.19.2.18 - NINETY (90) DAY TEMPORARY LICENSE

Universal Citation: 12 NM Admin Code 12.19.2.18

Current through Register Vol. 35, No. 18, September 24, 2024

In reference to 58-21B-4(D), a mortgage loan originator may obtain a ninety day temporary license to originate residential mortgage loans in New Mexico while they complete the licensing requirements for a New Mexico mortgage loan originator license. A temporary license shall be issued if the mortgage loan originator meets the following requirements:

A. contact the division in writing via mail or email requesting a 90 day temporary license;

B. a license status of "Approved" in another state or jurisdiction; if the mortgage loan originator's license status changes during the ninety (90) day period to anything other than "Approved", their temporary license may be rescinded;

C. apply and pay for the New Mexico mortgage loan originator license, and

D. be sponsored by a mortgage loan company licensed in New Mexico.

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