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Louisiana Mortgage License |
The Louisiana mortgage license empowers the lenders, brokers and bankers to lend or sell their loan products in any part of the state. According to the state law, any individual who is involved in selling or processing a home loan on behalf of the borrowers are required to hold the mortgage license. The licensing authority has set some preconditions, which the applicants are required to fulfill if they wish to become licensed lenders and brokers. It is very important for an applicant to understand all the Louisiana mortgage licensing process in order to make a right application that has the maximum chance of approval.
Louisiana Mortgage Broker License
The Office of Financial Institutions regulate the licensing process of home loan brokers in the state of Louisiana. According to the Louisiana Residential Mortgage Act, it is not essential for the brokers seeking for state license to maintain any physical office in any part of the state. However, the applicants are required to submit either an audited financial statement with a minimum net worth of $50,000 or maintain a surety bond in amount of $50,000. The licensing authority also requires the brokers to maintain records on a non-residential location.
Mortgage Licensing Fees
In addition to the above mortgage broker licensing requirements, all the applicants are required to submit an amount of $400 as non-refundable application fee. Moreover, a minimum examination fee of $400 is also applied to each branch office.
Mortgage Banker License
The licensing requirements for home loan bankers are quite similar with that of the brokers in the state. Bankers should maintain a minimum net worth of $50,000 or a surety bond of the same amount. The applicants should pay a state initial fee of $450 and there is separate licensing for branch office and loan officers. It is also essential for the applicants to complete 10 hours of continuing education in order to get the state license.
Mortgage Licensing Companies
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The OFI also handles the registration of mortgage brokers in the state of Louisiana. Instead of directly making their application at the licensing department, applicants could also seek some assistance from real estate schools and licensing companies located in the state.
These companies provide affordable mortgage lending continuing education courses to get easy approval for the state license. These real estate schools and licensing companies are also available on the Internet and they can be easily searched.
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