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Louisiana Residential Mortgage Lender Bond

Bond Details

  • LA Residential Mortgage Lender Bond – $25,000 bond – $150 per year
  • LA Residential Mortgage Lender Bond – $50,000 bond – $300 per year

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.