Louisiana Mortgage Broker Bonds

License Overview

Mortgage Brokers in Louisiana are regulated by the Louisiana Office of Financial Institutions. They handle all aspects of licensing, examinations, and registrations of potential brokers within the state. They regulate potential and current according to the Louisiana Residential Mortgage Lending Act which was accepted by the state in July of 1999. The latest revisions to that act were processed in August of 2003.

Prior to August 15, 2005 there was no license requirement for brokers completing no more than 4 loans per annum. That was repealed by Act 235 which states that all Brokers regardless of the amount of loans they process must be licensed. This also came with a requirement that all Mortgage Brokers must take and pass a pre-licensing test. This will cover the basics of the Mortgage Industry along with rules and regulations of the Kentucky laws governing Mortgage Brokers. There is currently a $50,000 Surety Bond requirement to be in place in order to become licensed.

Bad Credit Louisiana Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

Louisiana License Requirements

Age: 18

State Residency: Not Required

Experience: 2 years experience within the loan industry

Education: None Required

Continuing Education: None Required

Net Worth: None Required

Surety Bond: $50,000

Free Surety Bond Quote

Background Check: Criminal & credit.

Louisiana State Licensing Fees

Initial Application: $400

Branch Location: $400

Renewal Application: $300

Branch Offices:

In State Requirements: None required

Licensure Requirements: One license per location

Branch Manager:

Exemptions:

Entities: Attorney, Banks, Credit Union, State exempt entities.

Safe Harbor: None

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

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