The Louisiana Mortgage Originator Surety Bond is required by the State of Louisiana Office of Financial Institutions. The required bond amount is $25,000 or $50,000 for the year. The bond is to protect any persons who suffer damage or loss as a result of the residential mortgage loan’s breach/violation of contract or any obligation arising therefrom.
This surety bond is required for those who would like to be a Mortgage Loan Originator in the state of Louisiana. A mortgage loan originator is an individual who, for compensation or gain, accepts a residential mortgage loan application or or negotiates terms of a residential mortgage loan.
All new applicants must use the NMLS website (Nationwide Multistate Licensing System) in order to apply for their license.
The amount is based upon the originator’s loan of volume the previous year. You can refer to the table below for more information:
|Total Amount of Loan Volume for Previous Calendar Years||Required Bond Amount|
|$0 – $99,999,999||$25,000|
|$100,000,000 or greater||$50,000|
All applicants must, before submitting their application form, complete 20 hours of pre-licensing education, submit fingerprints, and authorize a credit report through NMLS.
Other requirements include:
Why should I choose Surety1 for my bonding needs?
With Surety1, you are guaranteed the lowest rates on the market. Our easy process allows for the approval of your application for a bond within just one business day!
Once you submit the online application form, a licensed agent will contact you to let you know the exact price for your bond.
Surety1 has been issuing surety bonds in Louisiana since 2003. We are licensed to do business in all states and maintain an A+ rating from the Better Business Bureau for our excellent rates and service.