Get a Free Bond Quote!
How Much Does a Louisiana Mortgage Broker Bond Cost?
The cost of a Louisiana mortgage broker bond is between $250 and $5,000. The required bond amount depends on origination volume: $25,000 for origination volumes up to $1,000,000 and $50,000 for higher volumes. Through an authorized Louisiana surety company, you can purchase your bond at a premium rather than pay the full amount.
Bonds are available for most credit scores. In fact, we bond with more than 99% of applicants. The premium rate is 1% to 10% and is based on credit scores, financial strength and professional experience.
With a 700 credit score or better, the premium rate is between 1% and 3%. A 3% to 5% rate applies to those with a 600 to 699 score. The premium rate for a lower score is between 5% and 10%
|
Surety Bond Cost Based on Credit Score |
||||
|
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Louisiana Mortgage Broker, Lender or Originator Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
|
Louisiana Mortgage Broker, Lender or Originator Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
How to Get a Louisiana Mortgage Broker, Lender or Originator Bond
1. Apply for Your Bond Online
Setting up your Louisiana mortgage broker, lender or originator bond is an easy process that can be completed in three steps. To begin, complete and submit the online application. With more than a decade of experience, our bond experts are standing by to assist you.
Rob contacted us recently for a mortgage originator bond. This was his first bond purchase, so he was unsure about the process. It only took a few minutes for him to apply, and he immediately got a quote. He paid the premium online and quickly got the required bond to originate loans in Louisiana.
2. Review Your Bond Quote
Our customers benefit from instant, free surety bond quotes. If your bond application is more complicated, we will respond with a quote within 48 hours.
3. Make Your Premium Payment
After reviewing the quote, you can quickly pay the premium through our online payment system. We will then prepare your bond and email it to you. Mailed copies are available upon request.
If you run into a challenge or have questions with your application or no-obligation quote, we can help. Please contact us or call us at (877) 514-5146.
Mortgage Broker, Lender or Originator Bond Requirements in Louisiana
The requirement for a mortgage broker, lender or originator bond in Louisiana is established by Louisiana Revised Statutes, Title 6 Banks and Banking, Chapter 14 Residential Mortgage Brokers and Lenders.
The required bond amount depends on origination volume. For mortgage brokers, lenders and originators with originations under $1 billion, the required surety bond amount is $25,000. If originations are $1 billion or over, the bond amount is $50,000.
The Louisiana Department of Financial Institutions is the authority for mortgage broker, lender and originator licensing. The National Multistate Licensing System, or NMLS, manages license applications and renewals. The NMLS accepts electronic surety bonds.
The obligee is the State of Louisiana Office of Financial Institutions. This is a continuous bond that is in force until it is canceled. The Office of Financial Institutions must receive written notice at least 60 days prior to the cancellation date.
The surety bond’s premium must be paid annually to maintain the bond. Our bond experts will be in touch prior to the premium’s due date each year with payment instructions.
We can help you learn how to get a mortgage broker license. You can also get full details through the Department of Financial Institutions at (225) 925-4660.
About Us
Still Have Questions? Check Our FAQ Pages
What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
