What is the New Mexico Mortgage Loan Company Corporate Bond?
As mandated by the Mortgage Loan Company Act, the New Mexico Mortgage Loan Company Corporate Bond is a requirement that all mortgage loan companies have to comply with before they can conduct business operations within the state of New Mexico.
The bond is a concrete guarantee that mortgage loan companies will not charge, collect, or receive amounts that go beyond what is allowed by the MLCA and will not engage in any fraudulent activity in the course of business operations.
This bond is also a tangible assurance that loan company owners will not commit misrepresentation or issue false statements and disguise vital and relevant information from any person in the course of the mortgage loan transaction. It likewise signifies that a mortgage loan company has not violated any of the stipulations of any New Mexico statute concerning escrow agents or organizations, has not been convicted of any misconduct or offense involving immorality, is not operating the business in a norm that is detrimental to persons and is conducting business with a valid license.
Why do you need the New Mexico Mortgage Loan Company Corporate Bond?
You need a New Mexico Mortgage Loan Company, Corporate Bond because you want to boost your image, add stature to your name, and be known as a dependable mortgage loan business owner. You also need this bond for you to safeguard your business name from disgraceful acts that may be committed by your employees. Likewise, the bond can make your company appear very attractive to customers because they will naturally want to hire the services of a mortgage loan company that they can trust.
More details about the New Mexico Mortgage Loan Company Corporate Bond
The bond shall be substantively in the form that the director recommends. When an action is embarked upon a licensee’s bond, the director may necessitate the filing and submission of a new bond.
What is the cost of the New Mexico Mortgage Loan Company Corporate Bond?
The New Mexico Mortgage Loan Company Corporate Bond amount shall be in an initial amount of $50,000. Upon renewal of the license, the amount shall be in a figure that echoes the total dollar amount of mortgage loans:
- 0 dollars ($0.00) to three million dollars ($3,000,00) = $50,000);
- more than $3,000,000 but less than $10,000,000 = $100,000;
- 10,000,000 or more = $150,000.
How can I get the New Mexico Mortgage Loan Company Corporate Bond?
Procuring this bond is effortless. For faster processing and reliable outcomes, be wise in choosing a legitimate surety bond agency by researching and checking on their background and track record. With a dependable surety organization behind you, protecting your business, your clients, and your shareholders will be easy and economical.