Does the state require a physical location within the state?
No

Is there individual loan officer licensing?
Yes

What are lenders, brokers and loan officers called?
The terms mortgage broker, mortgage lender and loan originator are used in Louisiana.

Is there state reciprocity across state lines?
As of this writing there is no pre-licensing state reciprocity.

What is the cost of a license? Surety bond? Are there net worth requirements?
Effective April 1, 2007 the applications for brokers, lenders, and loan originators were revised. The department provides an application checklist detailing the information and items that must accompany the mortgage lender/mortgage broker license application.
The application fee is $400. A surety bond in the amount of $50,000 is required.
All license applicants must submit two sets of fingerprint cards plus a $50 processing fee.
Each applicant must pass a written examination administered by the Commissioner or Commissioner's designee.
A mortgage broker applicant must include a sample copy of their mortgage loan origination agreement.
A mortgage lender applicant must include a sample loan agreement/promissory note.

Applicants for a loan originator license must submit a completed loan originator application along with a $100 application fee ($50 fee for licensed originators transferring to another company and filing a new application reflecting this event), evidence of a passing grade on a pre-licensing test, a copy of their certified professional education (CPE) certificate verifying that 10 hours of CPE was completed, an authority to obtain information from outside sources form and a completed employment/experience history form.

Mortgage lender, mortgage broker, and loan originator licenses expire annually on December 31. The license renewal fee for mortgage lenders and mortgage brokers is $300. The license renewal fee for loan originators is $100. License renewal applications must be filed on or before November 1.

Is there a pre-licensing education requirement? Is there a test?
Originator applicants must provide evidence of a passing grade on a pre-licensing test and verification of 10 hours of certified professional education (CPE).

Is there a CE requirement?
Yes, mortgage brokers, mortgage lenders and loan originators are required to complete 10 hours of approved continuing education as a condition of license renewal.

Are there different requirements for mortgage brokers and mortgage lenders (i.e. can you broker under a lender license)?
Louisiana issues separate licenses for mortgage lenders and mortgage brokers.

Are there any state specific high cost loan provisions?
There are no state specific high cost loan provisions.

Are there any state specific predatory lending laws?
There are no state specific predatory lending laws.

Closing practices – attorney or title state? Wet or dry settlement?
Louisiana is treated as a wet funding state by practice. There is no penalty for not delivering funds with closing documents, but closing may be delayed if funds are not delivered.

Are there 2nd mortgage policies and/or restrictions? Do you need a separate license to do 2nd mortgages?
Consumer loans (second mortgages) are subject to the Residential Mortgage Lending Act unless made contractually subject to the Louisiana Consumer Credit Law by specifically stating that the loan is subject to the Louisiana Consumer Credit Law.

Who is the regulator and what is their contact information?
Office of Financial Institutions
P.O. Box 94095
Baton Rouge, Louisiana 70804-9095
Phone: 225-925-4660
www.ofi.state.la.us


DISCLAIMER: The data contained here is for informational purposes only. It should not be the sole resource for licensing decisions. Please consult the regulator and/or an attorney that specializes in these matters before taking action.


Back to top