Mortgage License Requirements
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How to become a Mortgage Loan Originator:
Before one can engage in residential mortgage lending activity in Louisiana, one must first obtain a residential mortgage lending license and follow the license application procedures. The basic licensing process is fairly simple: you must first complete your pre-license education, pass the national and state components of the license exam, and comply with all license application procedures with OFI.
The law in Louisiana now requires 20 hours of pre-license education under the SAFE Act and 8 hours of continuing education for license renewal. This is great news for mortgage applicants and licensees in Louisiana, as it makes education more readily available for those who need it. DONALDSON MORTAGE CLASSES MEET ALL REQUIREMENTS UNDER THE NEW LAW!
Residential Mortgage Lending License Requirements
An applicant for a Louisiana Residential Mortgage Lending License must be at least 18 years of age.
In order to receive a mortgage license in the state of Louisiana, one must first take a 20 hour pre-license course which has been approved by the NMLS. Once this course is completed, the applicant must then pass a state exam on the topics covered in the pre-license course.
DONALDSON’S MORTGAGE PRE-LICENSE PROGRAM MEETS ALL REQUIREMENTS!
Unless specifically exempt from the licensing provisions in certain circumstances, anyone who engages in residential mortgage lending activities including mortgage lenders and brokers must be licensed. Employees who originate loans for mortgage lenders or mortgage brokers must be licensed as loan originators. Many of the previously exempt categories have been removed due to recent license law changes – If you believe one of the exemptions is applicable to your activity, contact OFI for verification.
In Louisiana, there is no state residency requirement to have a Louisiana Residential Mortgage Lending License. You are required to be a United States Citizen or a Legal Alien
The Licensing Process: A Step-By-Step Guide
Step 1: Register for the 20 Hour SAFE Comprehensive License Course. Refer to our Course Schedules on the right side of this page. You may also register by calling one of our Customer Service Representatives at 504-456-1785 in the Greater New Orleans Area or Toll Free at 1-800-257-2741.
Step 2: Register for and pass both the national and state components of the SAFE Compliance Exam. Once you have passed the exam, you will need certification of passing to apply for your license.
Step 3: Submit a license application and background check to OFI in order to process and approve the new license.
Step 4: Submit to OFI the company of sponsorship information OR information about the company if it is exempt.