How to Become a Mortgage Broker in Louisiana
- 1). Register yourself with the National Mortgage Licensing System and Registry (NMLS). You will then receive a registration number, which you will need during your entire licensing process. Eventually, this number becomes your license number in the state of Louisiana.
- 2). Read the requirements for the Louisiana Mortgage Originator License. Each applicant for a mortgage license is responsible to know everything required to obtain and maintain a license. Direct all questions about the license process to the Louisiana Office of Financial Institutions at 225-925-4660.
- 3). Schedule and attend at least 20 hours of prelicense education as required. The NMLS lists approved educators on the same website where you registered. Both live and online classes with an instructor are acceptable. The 20 hours must include at least 3 hours of federal law, 3 hours covering ethics and 2 hours regarding nontraditional mortgages. The remaining 12 hours are electives.
- 4). Pass both the national and Louisiana State mortgage exams with at least a 75 percent score. If you currently hold a license in another state, you do not need to retake the federal exam. A passing score on the federal exam is valid in all 50 states. If you fail one or both of the tests, you must retake them prior to receiving your license.
- 5). Provide fingerprints to the NMLS for the required background check. The NMLS submits your fingerprints to the FBI and obtains a criminal background history. Felony convictions may bar you from receiving a mortgage license. The credit report is also required as part of the background check. Louisiana requires mortgage originators to demonstrate an ability to manage their finances prior to issuing a license.
- 6). Obtain employment with a mortgage company. Prior to issuing the license, the state requires that you have an employment agreement as part of the license package. The agreement is still valid for the application, even if employment is contingent upon you receiving your license.
- 7). Submit all the required information and documentation, including proof of a surety bond for $25,000, along with the license application fee of $130 to the Louisiana Office of Financial Institutions. If anything is missing from your application, you will receive notification with a deadline to submit the missing items. All application fees are nonrefundable. If you miss the deadline, you must reapply for the license in the future and pay again.
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