Under the Louisiana Residential Mortgage Lending Act, the following are application requirements for obtaining a Mortgage Broker License:

• Submit a completed, signed and notarized Uniform Application along with the stipulated fees to the department. The application process takes about four to six weeks to complete.
• A mortgage broker cannot accept any advance fees; however, a broker may accept advance expense deposits not to exceed the good faith estimate of the cost of any required appraisal, title search, or credit report to be performed by an independent party.
• In addition to the items mentioned in the application, an applicant must submit the following attachments:
  • Certificate of Resolution form
  • Biographical / Authority Sheet
  • A current 10-year employment/experience form
  • Residence addresses for the last 10 years
  • Copies of the Certificate of Good Standing from the Secretary of State or other state authority in which the applicant was originally incorporated or organized should be provided. If applicant is a corporation, provide a copy of Articles of Incorporation, including amendments. Also, if applicant is a Limited Liability Company (LLC) provide a copy of the Articles of Organization and operating agreement. If applicant is a general partnership or a Limited Liability Partnership (LLP) provide a copy of the Partnership Agreement.
• Applicants must have net worth of $50,000 or a surety bond of the same amount.
• Section 1087(A) or (B) must complete 10 hours of continuing professional education (CPE) courses in time to allow for renewal prior to the renewal on December 1 of each year in order to avoid a late fee. Proof of completion of 10 hours of continuing education for each originator is also required. A list of continuing education providers can be found at http://www.ofi.state.la.us/rmlproviders.htm.
• All Residential Mortgage Licenses expire on December 31 of each year. Licenses for which renewal applications are filed after December 31 shall be deemed to have expired automatically on January 1 unless the applicant shows good cause for late renewal and pays a reinstatement penalty.
• Complete annual license and originator renewal applications should be filed on or before November 1 of each year (this includes the required 10 hours of professional education). Annual license renewal applications received postmarked after December 1 shall be charged a late filing fee.

Applications for online Mortgage Broker license can be found at http://www.ofi.state.la.us/newrml.htm#Applications.

For more information, visit the Residential Mortgage Lending division of the State of Louisiana Office of Financial Institutions.