Mortgage brokers who wish to conduct business in the state of Louisiana must obtain a Residential Mortgage Lending License through the Office of Financial Institutions (OFI). An important step in this licensing process is the submitting of an Electronic Surety Bond (ESB) via the Nationwide Mortgage Licensing System (NMLS). Bond amounts vary depending on the loan volume of the previous year:
| Loan Volume | Bond Amount |
|---|---|
| $0 – $99,999,999 | $25,000 |
| $100,000,000 or greater | $50,000 |
Louisiana Mortgage Broker Surety Bonds guarantee that the principal (broker) adheres to and conducts business consistent with the Louisiana S.A.F.E. Residential Mortgage Lending Act. If any borrower or consumer incurs any losses or damages due to the principal’s failure to comply with Louisiana law, a claim may be filed against the surety bond. Any damages paid out by the surety must be reimbursed by the principal.
Applications for licenses are handled by the NMLS and additional information can be found on the NMLS website – Louisiana State Licensing Requirements Page. Licensing costs are $600, including the NMLS processing fee, and are not refundable.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.