Louisiana Residential Mortgage Lender Bond
A “Residential Mortgage Lending License” is required of any person who engages in residential mortgage activity as a “mortgage lender” or “mortgage broker” that is not otherwise exempt. The Office of Financial Institutions (OFI) determines the bond amount based on factors such as the lender's loan volume and financial stability. The bond amount ranges from $25,000 to $50,000. Lenders must also ensure that the bond remains active and in effect throughout their licensing period. Bond amount is based on the previous year's aggregate funded volume according to the following table:
| Aggregate Amount of Loan Volume in Preceding Year | Bond Amount Required | Annual Premium |
| $0-$99,999,999 | $25,000 | $150 |
| Exceeds $100,000,000 | $50,000 | $300 |
Overview
In Louisiana, residential mortgage lenders are required to obtain a surety bond as part of their licensing process through the Office of Financial Institutions (OFI). The bond provides financial protection to consumers in case the lender engages in unethical or unlawful practices.
The OFI determines the bond amount based on factors such as the lender's loan volume and financial stability. The bond amount ranges from $25,000 to $50,000. Lenders must also ensure that the bond remains active and in effect throughout their licensing period.
No credit check or financials needed up to $1M in aggregate bonds. Your bond premium (your cost) is $6 per $1,000 of the bond amount.