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Louisiana Mortgage Broker License: Step-by-Step Guide

In the state of Louisiana, all companies, LLCs, or sole proprietorships engaged in the mortgage brokering, mortgage lending, or mortgage servicing business need to obtain a license. The licenses are regulated by the Louisiana Office of Financial Institutions (OFI).

The mortgage license application process is administered by the Nationwide Mortgage Licensing System (NMLS). NMLS allows mortgage companies, as well as individuals, to apply, renew, or update a license online.

Types of Mortgage Licenses in Louisiana

There are three major license types in Louisiana: Company, Branch, and Individual. Each license type depends on the work you wish to perform.

In this guide, we’ll cover the most common licenses only. You can review the full list on the NMLS website.

Most Common Company Licenses

  • Residential Mortgage Lending License - allows entities to act as mortgage brokers, lenders, or servicers. The license permits making, originating, negotiating, or placing residential mortgage loans.

Most Common Individual Licenses

  • Mortgage Loan Originator License - allows individual employees of mortgage brokers or lenders to take residential mortgage loan applications and/or offer or negotiate the terms of the mortgage loan.

Louisiana State Requirements

All license applications are to be submitted online via NMLS. Please note that agency-specific documents, such as the surety bond, must be sent via post to the LA OFI at Louisiana Office of Financial Institutions, Non-depository Division, Residential Mortgage Lending, P.O. Box 94095, Baton Rouge, LA 70804-9095.

For any jurisdiction-specific questions, please contact LA OFI Non-depository Division at (225) 925-4660 or [email protected].

Residential Mortgage Lending License applicants note that applicants are categorized in alphabetical order. A through D applicants, you may contact Jaye Miceli at (225) 922-0862 or [email protected]. E through O applicants may contact Carmen Tanner at (225) 925-4662 or [email protected]. P through Z applicants may contact Melissia Johnson at (225) 925-4667 or [email protected].

For assistance with your NMLS profile or application process, please contact the NMLS call center at (855) 665-7123.

Education and Exams

In Louisiana, passing an exam is obligatory for some, but not all license types. Residential Mortgage Lending License applicants are required to complete an education course and pass a test.

Exams for Individual Licenses

  • Mortgage Loan Originator License - All applicants must complete an education course that has been approved by the NMLS. The course is 20 hours and includes federal law, ethics, and field-specific training. You can find additional information on the NMLS Education page as well as a list of approved providers.

    After completion of the education course, you can enroll for the loan originator test. The test fee must be paid through NMLS. You can also schedule your test date via NMLS or by contacting the exam administrator Prometric at (877) 671-6657.

    The NMLS testing page provides information and instructions on how to schedule, prepare, and take the LA mortgage loan originator test.

LA Mortgage Broker Bonds

Bonds for Company Licenses

  • Residential Mortgage Lending License – Applicants are required to furnish a surety bond based on the licensee’s loan volume in the previous year.
    • $25,000 surety bond for 0 - $99,999,999 loan volume.
    • $50,000 surety bond for loan volume exceeding $100,000,000.

Bonds for Individual Licenses

  • Mortgage Loan Originator License - Each Mortgage Loan Originator applicant is required to provide either a surety bond or proof that the employer is providing bond coverage for the applicant. The amount of the bond depends on the loan volume of the applicant during the previous calendar year.
    • $25,000 surety bond for 0 - $99,999,999 loan volume.
    • $50,000 surety bond for loan volume exceeding $100,000,000.

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Licensing Fees

Fees for Company Licenses

The fees must be submitted through NMLS and are not refundable or transferable.

  • Residential Mortgage Lending License
    • $600 license fee (including the NMLS processing fee).
    • $36.25 background check.

Fees for Individual Licenses

The fees must be submitted through NMLS and are not refundable or transferable.

  • Mortgage Loan Originator License
    • $230 license fee (including NMLS processing fee).
    • $15 credit report fee (if required).
    • $36.25 background check.
    • $100 test fee.

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