The Louisiana residential mortgage lender license and surety bond are regulated by the state’s Office of Financial Institutions.
The processing of your license requirements and the filing of the surety bond, however, are accomplished through NMLS, the Nationwide Mortgage Licensing System.
Our agency can electronically file the surety bond on your behalf. Obtaining either of the two surety bond amounts takes a few minutes with our agency.
The Louisiana residential mortgage lender bond is offered in one of two amounts, based on your prior year’s loan production level.
Qualifying for the surety bond is by means of a surety bond application which our agency can take from you over the phone.
Note: There is no credit check nor underwriter review for the residential mortgage lender bond. This means that after completion of the application and payment of the premium, the bond issued to you immediately. You are pre-approved for this surety bond.
Once the bond has been issued, we can electronically file it on your behalf through NMLS, or you may file it on your own.
The premium for the $25,000 surety bond is $188, annually.
For the $50,000 Louisiana residential mortgage bond, the premium is $375 annually.
Both surety bond amounts may be prepaid for 2 or 3 years, thereby offering lengthening the renewal period and offering savings over year to year renewal of the bond’s premium. The breakdown for the prepayment – and the savings – are as follows:
- $25,000 Surety Bond Amount -
- $50,000 Surety Bond Amount -
The residential mortgage lender bond is a financial guarantee that you will be in compliance with all provisions of the Louisiana Secure and Fair Enforcement of Mortgage Licensing Act of 2009 and any amendments or additions to this law.
The surety requirement is for the protection of your consumer clients, the people you serve in Louisiana.
AmeriPro Surety Bonds is a surety bonds only agency. We provide license and permit surety bonds throughout Louisiana and nationwide.
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