A Louisiana mortgage broker bond is a type of surety bond required by the Louisiana Office of Financial Institutions for mortgage brokers operating in Louisiana. The bond serves as a guarantee that the broker will comply with all state and federal laws and regulations governing mortgage lending activities, and will not engage in any fraudulent or unethical practices. The bond amount required by the state of Louisiana varies depending on the volume of business conducted by the broker. If a broker fails to comply with the terms of the bond, a claim can be made against the bond to compensate any harmed parties. The Louisiana mortgage broker bond is intended to protect consumers and ensure that mortgage brokers operate with honesty and integrity in their business practices.
Louisiana Mortgage Broker Bonds are required by Louisiana's State Treasury to obtain your Mortgage Broker license. The Louisiana Mortgage Broker Bond amount is set at $25,000. This License is required of any natural person who is an employee of a mortgage broker, mortgage lender, who is not acting as a mortgage broker or as a mortgage lender, who interviews the consumer in connection with the consumer's application for a residential mortgage loan.
With loans up to $100,000,000, a
minimum surety bond of $25,000 is required and any amount after requires a
$50,000 surety bond.
There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
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With loans up to $100,000,000, a minimum surety bond of $25,000 is required and any amount after requires a $50,000 surety bond.