How to get Louisiana Mortgage Loan Originator Prelicensing Education PE and LA Continuing Education CE Requirements Met
1. Get your NMLS Number
If you have not done so already, it takes 1 -2 minutes to get your NMLS number. https://www.statemortgageregistry.com/Public/Login.aspx Click "Request an account" Click "Individual" We try to make all of these things easier, what questions may we answer? Use the chat feature on the bottom right corner of every web page to get answers now!
2. Get and complete your LA 20 Hour Prelicense Education PE Course Bundle
3. Pass the NMLS Nation Component Exam with Uniform State Test using our included test preparation program and add other states by getting and completing state PE courses
4. Apply for your Louisiana MLO License through the NMLS system prompt you at this point for your next steps after opening your LA Mortgage Loan Originator application.
Questions about qualifications on any part of the process? Use the chat feature on the bottom right of this webpage or click here and get answers fast!
Louisiana (LA) MLO NMLS SAFE Prelicensing Requirements (PE)
Louisiana does not have any state specific PE requirements in addition to the initial 20 hours of SAFE education. If you haven't completed your initial 20 hours of SAFE education, click here to view our 20 Hour SAFE options.
Louisiana MLO Independent Contract Processor and Underwriter Education Requirement. LSA-R.S.6:1094(A)(1) of the Louisiana S.A.F.E. Residential Mortgage Lending Act requires that all new originator, processor, and underwriter applicants complete 20 hours of education approved by the NMLS, including the following minimum requirements: 3 hours of federal law, 3 hours of ethics, 2 hours of training related to lending standards for the non-traditional mortgage marketplace; The balance of the education hours may be selected at the originator’s discretion AAA Mortgage Training selected the elective hour topics to maximize a new Louisiana MLO license applicant's knowledge base to assist with NMLS exam preparation.
This state is a UST state and has adopted the Uniform state test added to the National test. If you want to be licensed in this state and have not taken the newest National test with UST included. Then you will want to take the NMLS national component exam containing the UST, click here to see our test preparation products page.
Louisiana Mortgage Loan Originator (MLO) Continuing Education Requirements
If you are already a licensed MLO in the state of Louisiana you don't need to take PE (unless you have been instructed by the NMLS to do so). You do need to complete at least 8 Hours of NMLS approved continuing education every year following the completion of your PE requirements. Our 8 Hour SAFE course satisfies these requirements. Click here if you need to complete your continuing education and select the 8 hour course that meets your needs. Remember, you can't repeat the same course two years in a row! If you can't recall which course you took last year, give us a call, or shoot us an email!
Louisiana Mortgage Regulator Contact Information
Jurisdiction-specific requirements as identified on the checklist below must be received with this checklist within 5 business days of the electronic submission of your application through the NMLS at the following:
For U.S. Postal Service: For Overnight Delivery:
Louisiana Office of Financial Institutions
Non-depository Division
Residential Mortgage Lending
P.O. Box 94095
Baton Rouge, LA 70804-9095
Louisiana Office of Financial Institutions
Non-depository Division
Residential Mortgage Lending
8660 United Plaza Blvd, 2nd Floor
Baton Rouge, LA 70809
For jurisdiction specific questions concerning licensure, contact Louisiana Office of Financial Institutions, Non-depository Division licensing staff by phone at 225-925-4660 or send questions via email to nmls@ofi.louisiana.gov.
LA Office Of Financial Institutions Company and MLO Licensing Contact Information
Donlyn Polito Deputy Chief Examiner (225) 925-3828
Lawanda Major Administrative Program Manager II (225) 925-4303
How much does a LA MLO license cost? The Louisiana Mortgage Originator Loan Officer License costs $281.25
The fee for a new loan originator license is: $230 including the application fee and NMLS processing fee. A $15 fee for a credit report will be added if one has not been authorized through NMLS in the past NOTE: It is extremely important that each originator have their own e-mail address and that all e-mail addresses are current. Notifications of status changes and requests for information will only be sent to you from the NMLS. You are responsible for checking the status of your originator application on the NMLS and reading all e-mails generated by the NMLS and/or OFI. A $15 fee for a credit report will be added if one has not been authorized through NMLS in the past 30 days. You will also pay an additional $36.25 if you authorize a criminal background check at time of application.
Louisiana MLO NMLS Checklist How to get LA MLO License and Licensing Requirements
Louisiana MLO Processor and Underwriter Licensing Requirements https://nationwidelicensingsystem.org/slr/PublishedStateDocuments/LA-MLO-New-Application-Checklist.pdf
What is the bonding requirement for Lousiana LA Mortgage Loan Originator MLO?
SURETY BOND OR DEPOSIT REQUIREMENT (ONLY REQUIRED IF COMPANY DOES NOT SUBMIT EMPLOYER AFFIDAVIT). Pursuant to the Louisiana S.A.F.E. Residential Mortgage Lending Act each originator, processor, and underwriter filing an MU4 application on the NMLS is required to provide a surety bond or deposit based upon the originator’s loan volume of the previous year. Bond for activity less than $100 Million is $25,000 for activity greater than $100 million get a bond of $50,000.
LSA-R.S. 6:1088(I) states, Notwithstanding any other law to the contrary, in lieu of obtaining a surety bond, all applicants may meet the requirements of this Section by depositing in a federally insured depository institution located in Louisiana, designated by the applicant and approved by the commissioner, an amount equal to the amount of the surety bond otherwise required by the provisions of the Section, provided that the title of any such deposit account must include the words “for the benefit of” or “f/b/o the Louisiana Office of Financial Institutions”, and require such other evidence of and information regarding such account as he may deem appropriate, provided that interest earned on such account shall be payable to person or entity making the deposit. LSA-R.S. 6:1088(J), states in part, an applicant for a mortgage originator license who is employed by, or is an exclusive agent for, a juridical person engaging in residential mortgage lending activities as a licensed mortgage broker or mortgage lender may satisfy the requirement of furnishing a surety bond by submitting evidence in a form and manner satisfactory to the commissioner that his employer or principal has obtained a surety bond which satisfies the following requirements of this Section: Click to download forms $50,000 Surety Bond $25,000 Surety Bond Irrevocable Power of Attorney
Who has to be licensed in Louisiana LA as an MLO Processor or Underwriter?
Each individual who originates mortgage loans and any individual who is an independent contractor working as a loan processor or underwriter is subject to the Louisiana S.A.F.E. Residential Mortgage Lending Act and must be separately authorized by filing a Form MU4 through the NMLS.
Louisiana notes
Requirements for Registered Mortgage Loan Originators Transition to Louisiana Licensed Mortgage Loan Originators
The following is a synopsis of the procedures required of registered mortgage loan originators (bank employee originators) to become Louisiana licensed mortgage loan originators.
Registered MLOs Need to Complete NMLS Testing and NMLS Approved Education to Get LA MLO License:
Prior to applying for a license a registered mortgage loan originator must complete 20 hours of prelicensing education and obtain a passing grade on a national test with a uniform state test component. For more information of the specific requirements including cost and how to enroll click the following: http://mortgage.nationwidelicensingsystem.org/profreq/testing/Pages/default.aspx
• The education and testing requirements may be completed while still employed by a financial institution.
• Your employer (institution which you are registered with) will not have access to your testing and education records
If you are employed by a financial institution at the time of completing the education and testing requirement, your employer will not be made aware of this by the system. However, they may be made aware that you are seeking a license at the time you submit your application if you are still registered with them.
Criminal Background Check: A criminal background check must be authorized and fingerprints submitted in conjunction with an application. For more information on fingerprints submission and the criminal background check click on the following link: http://mortgage.nationwidelicensingsystem.org/profreq/background/Pages/default.aspx
• If your fingerprints that were submitted through the NMLS for becoming a registered loan originator are less than three years old, you will not have to submit new fingerprints
Credit Report: Every state licensed mortgage loan originator must complete the credit report authorization through the NMLS. See the following link for more information: http://mortgage.nationwidelicensingsystem.org/profreq/credit/Pages/default.aspx
Submission of an MU4 application: For information on how to file the application click on the following link: http://mortgage.nationwidelicensingsystem.org/slr/resources/Pages/GettingStartedStateMLO.aspx