Louisiana Mortgage Education
EasyRealEstateSchool.com offers these Louisiana mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.
Who is required to have this license?
- Mortgage Loan Originator – 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.
- Mortgage Loan Processors and Underwriters who are compensated as independent contractors.
Who does not need this license?
- “Originator” does not include employees of a licensed mortgage broker or mortgage lender, or employees of a person who is exempt from licensure in the state of Louisiana, who perform clerical duties in connection with residential mortgage loan transactions, including but not limited to collecting financial information and other related documents that are part of the application process, ordering verifications of employment, verifications of deposits, requests for mortgage payoffs, and other loan verifications, appraisals, inspections, or engineering reports, or who perform the functions of a loan processor, at the direction of and subject to the supervision of the mortgage broker, mortgage lender, originator, or person exempt from licensure, who is responsible for such direction and supervision.
- Mortgage Loan Processors and Underwriters who are employees of licensed mortgage brokers and/or licensed mortgage lenders or mortgage brokers or mortgage lenders who are exempt from the licensing provisions of the Louisiana S.A.F.E. Residential Mortgage Lending Act.
Please refer to the Jurisdiction specific checklists for additional application information or the Louisiana Secure and Fair Enforcement of Mortgage Licensing Act of 2009 for statutory provisions.
For more information about the actual course please visit Mortgage Education Course FAQ’s.
Louisiana State Requirments
SAFE ACT Requirements
- SAFE MLO Test – All new applicants, on or after 7/31/2009, must pass the National and State Component of the SAFE MLO Test by 12/31/2010. Existing licensees must pass the National and State Component of the SAFE MLO Test by 12/31/2010.
- Criminal Background Check – All licensees must submit fingerprints through NMLS for a criminal background check by 12/31/2010.
- Credit Report – All licensees must authorize a credit report through NMLS by 12/31/2010.
Louisiana Mortgage Education Requirements
- SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – All new applicants on or after 07/31/2009 must have completed 24 hours of NMLS approved pre-licensure education including 4 hours of NAMB or MBA approved courses before a license will be issued. Existing licensees are encouraged to complete 24 hours of state approved pre-licensure education by 12/31/2009. MLO’s licensed prior to 07/31/09 are encouraged to continue to take state approved education from providers on the OFI website until further notice.
- SAFE Act Continuing Education (Required courses – SAFE CORE 7 hours) – All licensees must complete at least 10 hours of NMLS approved continuing education including 2 hours NAMB or MBA approved courses in 2010 in order to renew for 2011, unless PE was completed in 2010.
For more information about the actual course please visit Mortgage Education Course FAQ’s.