FAQs

Link To the RMLA

The following residential mortgage lending activities require licensure in Louisiana: Mortgage Broker or Residential Mortgage Broker as defined in R.S. 6:1083(8)(a) and (b); mortgage lender or residential mortgage lender as defined in R.S. 6:1083(9); mortgage loan originator as defined in R.S. 6:1083(10); and mortgage servicing as defined in R. S. 6:1083(12).

Note: These activities are defined in the RMLA as follows:

8. “Mortgage broker” or “residential mortgage broker” means any person who, directly or indirectly, for compensation or the expectation of compensation, negotiates, places, or finds, or offers to negotiate, place, or find a residential mortgage loan for another person. “Mortgage broker” also shall include:
   1. An approved Federal Housing Administration loan correspondent.
   2. A residential mortgage lender who closes a residential mortgage loan in his own name but for whom the funding for the loan is provided by a third-party lender in a process known as table funding.

9. “Mortgage lender” or “residential mortgage lender” means any person who, directly or indirectly, originates or makes, or offers to originate or make, a residential mortgage loan for another person.

10. “Mortgage loan originator” means an individual who for compensation or gain or with the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan.

12. “Mortgage servicing” means collecting or remitting payment for another, or the right to collect or remit payments for another, of any of the following: principal, interest, tax, insurance, or other payment under a mortgage loan.

Note:  Pursuant to R. S. 6:1083(14), the term “Person” means any individual, firm, corporation, partnership, association, trust, or legal or commercial entity, or other group of individuals however organized.”

As defined in R.S. 6:1083(13), the “Nationwide Mortgage Licensing System and Registry”, “licensing system”, or “NMLS&R” means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators or successors thereof, for the state licensing and registration of state-licensed mortgage loan originators and the registration of registered loan originators as provided in P.L. 110-289, Title V, as amended, which licensing system includes but not limited to an online database which receives, collects, and stores application, license, enforcement action, and related information on a multi-state basis.”

Note: All entities and/or individuals applying for a new license, or renewing an existing license, in Louisiana are required to use the NMLS&R.

Licensure requirements can be found in R. S. 6:1088.

Licensure renewal requirements can be found in R. S. 6:1088.3.

Name or location changes and/or closures can be found in R. S. 6:1089.

Recordkeeping and examination requirements can be found in R. S. 6:1091.

Educational and testing requirements can be found in R. S. 6:1094 and 1094.1. Further, the Commissioner may impose additional educational requirements pursuant to R. S. 6:1085.1.

Yes. A list of exemptions can be found under R.S. 6:1087.

Pursuant to R.S. 6:1088.2 (Application for licensure; application and renewal fees), the application fee for a license to act as a mortgage lender, mortgage broker, mortgage servicer, or combination of any, is $500; the application fee for a license to act as an originator is $200; the annual license renewal fee for each person licensed as a mortgage broker, mortgage lender, or mortgage servicer is $400; and the annual license renewal fee for each originator is $200.

Pursuant to R. S. 6:1088.3 (Application for renewal of license; restriction; late renewal fees), each person licensed as a mortgage broker, mortgage lender, mortgage loan originator, or mortgage servicer shall submit an annual license renewal application to the NMLS&R on or before December 31^st of each year.   An annual license renewal application submitted after December 31st and March 1st of the following year shall be charged an annual license renewal late fee of $200 for residential mortgage lenders, brokers, and servicers, and $50 for mortgage loan originators, in addition to the annual license renewal fee.

All persons engaging in residential lending activity in the State of Louisiana are registered through the NMLS&R.  You can determine whether a person is licensed to engage in such activities by visiting the NMLS Consumer Access portal.

For concerns relating to the NMLS&R system, including your company and individual records, contact the NMLS&R Call Center at (855) 665-7123.

For specific questions relating to Louisiana licensing requirements, feel free to contact the Non-Depository Licensing Section at NMLS@ofi.la.gov or 225-925-4660.