{"id":1252,"date":"2013-06-19T03:20:05","date_gmt":"2013-06-19T03:20:05","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1252"},"modified":"2017-01-03T16:20:33","modified_gmt":"2017-01-03T16:20:33","slug":"louisiana-mortgage-broker-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/louisiana-mortgage-broker-bond\/","title":{"rendered":"Louisiana Mortgage Broker Bond"},"content":{"rendered":"<p>Residential mortgage loan professionals must post a <strong><a title=\"Surety One\" href=\"https:\/\/suretyone.com\" target=\"_blank\">Louisiana mortgage broker bond<\/a><\/strong> with the Office of Financial Institutions in order to complete the approval and licensing process. \u00a0The mortgage broker bond form contains identical wording and intent as the <strong>Louisiana mortgage lender bond<\/strong>. Pursuant to the Louisiana S.A.F.E. Residential Mortgage Lending Act each broker\/lender\/originator is required to provide a surety bond based on the licensee\u2019s loan volume of the previous year. \u00a0The formula is as follows:<\/p>\n<p>1.) \u00a0For loan originations from $0 to $99,999,999, the surety bond requirement is $25,000.<\/p>\n<p>2.) \u00a0For loan originations over $100,000,000, the surety bond requirement is $50,000.<\/p>\n<p>The state statute (LSA-R.S. 6:1088) provides that an original <strong><a title=\"LA mortg broker state bond form\" href=\"http:\/\/mortgage.nationwidelicensingsystem.org\/slr\/StateForms\/LA3-Surety-Bond-50000-Originator.pdf\" target=\"_blank\">Louisiana mortgage broker bond<\/a><\/strong> in the amount as determined above, must be executed by a surety company authorized to conduct business in Louisiana. \u00a0The surety bond must name the <a title=\"LA Offc of Fin Institut.\" href=\"http:\/\/www.ofi.state.la.us\/\" target=\"_blank\">Office of Financial Institutions<\/a> as obligee and the name of the principal insured on the bond must match exactly the full legal name of applicant. MLOs are not exempt from this statutory requirement. \u00a0A <strong>Louisiana mortgage loan originator bond\u00a0<\/strong>is required of all MLOs UNLESS he or she is employed by a mortgage broker or lender that has already provided the surety bond. \u00a0The bond form guarantees the licensee&#8217;s compliance with LSA-R.S. 6:1088(G)(2) of the Louisiana Secure and Fair Enforcement of Mortgage Licensing Act of 200. \u00a0The obligations is continuous in form however it can be canceled by surety upon giving a sixty-day written notice to the Office of Financial Institutions. \u00a0The <strong><a title=\"Surety One commercial surety page\" href=\"https:\/\/suretyone.com\/commercial-surety-bonds\" target=\"_blank\">Louisiana mortgage broker bond<\/a>\u00a0<\/strong>also\u00a0indemnifies any person(s) who suffer any damage(s) or loss as a result of the residential mortgage broker&#8217;s\/lender\u2019s breach of contract or of any obligation arising therefrom, or by any violation of law. \u00a0The State or any person claiming against the bond may pursue an action for damages or other relief against the principal or the surety, or both. The bond is not cumulative, the liability of the surety for all breaches of the conditions of the <strong>Louisiana mortgage lender bond<\/strong> may in no event exceed the amount of the same.<\/p>\n<p><strong>Louisiana surety leader<\/strong>, <a title=\"Surety One\" href=\"https:\/\/suretyone.com\" target=\"_blank\">Surety One, Inc.<\/a>\u00a0is a specialist in the bonding needs of the mortgage lending and brokering services industry. \u00a0We offer both the surety and fidelity bonds required of mortgage professionals in ALL fifty states, Puerto Rico and the U.S. Virgin Islands. Visit us at\u00a0<a title=\"Surety One\" href=\"https:\/\/suretyone.com\" target=\"_blank\">SuretyOne.com<\/a>, call\u00a0<span style=\"color: #ff0000;\">(787) 333-0222<\/span>\u00a0or\u00a0<span style=\"color: #ff0000;\">(800) 373-2804<\/span>, or email us at\u00a0<span style=\"color: #ff0000;\">Underwriting@SuretyOne.com<\/span>\u00a0for a\u00a0<strong>Louisiana mortgage broker bond<\/strong>\u00a0application or information on ANY bond need.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Residential mortgage loan professionals must post a Louisiana mortgage broker bond with the Office of Financial Institutions in order to complete the approval and licensing process. \u00a0The mortgage broker bond form contains identical wording and intent as the Louisiana mortgage&#8230; <a class=\"more-link\" href=\"https:\/\/suretyone.com\/blog\/louisiana-mortgage-broker-bond\/\">Continue Reading &rarr;<\/a><\/p>\n","protected":false},"author":1,"featured_media":1254,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[139],"tags":[1546,1547,1548,1549],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Louisiana Mortgage Broker Bond &bull; Surety One, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/louisiana-mortgage-broker-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Louisiana Mortgage Broker Bond &bull; Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"Residential mortgage loan professionals must post a Louisiana mortgage broker bond with the Office of Financial Institutions in order to complete the approval and licensing process. \u00a0The mortgage broker bond form contains identical wording and intent as the Louisiana mortgage... 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