In Louisiana the Office of Financial Institutions, (OFI) handles all aspects of licensure and registration for Mortgage Originators and Brokers. All Louisiana mortgage licenses are handled through the Nationwide Mortgage Licensing System.  Prelicensing requirements include approved courses that are 24 or more hours and contain 3 hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional Mortgage Lending plus 12 or more hours of electives. This may be in addition to Louisiana-required content.  A minimum of eight hours per year of continuing education is required nationally per year, per the SAFE act.

The licensing fee for NMLS for Loan Originators is $169. The licensing fee for a broker/lender is $500. Click on the links in the preceding sentences for more details about each license.



Applicants who desire to become a Mortgage Broker in Louisiana need to provide audited financial statements reflecting a net worth of at least $50,000, or provide a Surety Bond in the amount of $50,000, or pledge a $50,000 deposit in a federally insured institution, or pledge $50,000 in securities SCMs or US Government to the Commissioner.

To become a Mortgage Broker in Louisiana one is not required to maintain an in-state office. However, there is an examination fee per location plus reasonable and necessary expenses connected with an examination. If records are kept at a residential location, they must be moved to an approved nonresidential location for review or examination.

The Louisiana Mortgage Lenders Association (LMLA), is an affiliate of the National Association of Mortgage Brokers (NAMB). Both organizations are dedicated to improving the business of real estate finance and are a true asset to those who desire to become a Mortgage Broker in Louisiana.

Louisiana Mortgage Forms

Louisiana Reciprocity States

N/A

(as of 2/23/2010)

 

Louisiana Approved Mortgage Schools Prelicensing and Postlicensing Education

Community Colleges

N/A
Private Schools

Abacus Mortgage Training
McKissock.com
TheMortgageTrainingCenter.com
Training Pro
Last Update:  2/22/2010
This list may not include all approved schools. Please visit the Office of Financial Institutions website for the latest list of approved schools.