Surety Bond of Deposit Requirement (Only Required if Company Does NOT Submit Employer Affidavit): Pursuant to the Louisiana S.A.F.E. Residential Mortgage Lending Act each originator, processor, and underwriter filing an MU4 application on the NMLS is required to provide a surety bond or deposit based upon the originator’s loan volume of the previous year.
\nDollar Amount of Total Loan Volume in Previous Calendar Years
\nLenders, Brokers, and Originators Required Amount of Surety Bond
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$0 - $99,999,999 - - - - - $25,000
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$100,000,000 or greater - - - - $50,000
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LSA-R.S. 6:1088(I) states, Notwithstanding any other law to the contrary, in lieu of obtaining a surety bond, all applicants may meet the requirements of this Section by depositing in a federally insured depository institution located in Louisiana, designated by the applicant and approved by the commissioner, an amount equal to the amount of the surety bond otherwise required by the provisions of the Section, provided that the title of any such deposit account must include the words “for the benefit of” or “f/b/o the Louisiana Office of Financial Institutions”, and require such other evidence of and information regarding such account as he may deem appropriate, provided that interest earned on such account shall be payable to person or entity making the deposit.
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LSA-R.S. 6:1088(J), states in part, an applicant for a mortgage originator license who is employed by, or is an exclusive agent for, a juridical person engaging in residential mortgage lending activities as a licensed mortgage broker or mortgage lender may satisfy the requirement of furnishing a surety bond by submitting evidence in a form and manner satisfactory to the commissioner that his employer or principal has obtained a surety bond which satisfies the following requirements of this Section: Click to download forms
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