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* To print the Louisiana Approved Proctor List, click here.

All Renewals are due November 1st of each year, A total of 10 hours of accredited study must be completed, Including Chapter 14 of the Lousiana code.

Participants in online Continuing Education coursework are hereby advised that those individuals who take part in online courses under an assumed identity, or who in any way complete all or part of a program while posing as another individual, or who offer any form of assistance to anyone participating in an online program, are subject to possible sanctions by the Louisiana Office of Financial Institutions, which may include suspension or revocation of the relevant license, as well as fines or other possible legal action.

* LA 101 - Chapter 14. Louisiana Mortgage Residential Act - ALL STUDENTS MUST TAKE THIS COURSE FOR CEU'S OR PRE-LICENSEING. NO LICENSE WILL BE ISSUED WITHOUT COMPLETION OF CHAPTER 14.

Beginning August 15, 2005, each applicant for licensure shall pass a written examination administered by the commissioner or by a qualified designee of the commissioner. At least one examination shall be given each year, and additional examinations may be given if the volume of applicants makes additional examinations appropriate.

The required examination shall test the applicant's knowledge of state and federal laws and regulations governing residential mortgage lending, mortgage loan closing and servicing practices, types of residential mortgage loan products available to consumers, and such other matters as may be required by the Examination Review Committee of the Residential Mortgage Lending Board, which shall be comprised of the five members of the board plus three additional committee members selected by the commissioner. The committee shall have the sole authority to review and approve the content of the examinations; however, in the event of a tie vote in the committee, the commissioner's vote shall be dispositive.

The commissioner may impose and collect from the organization administering the examination a fee in an amount not to exceed fifty dollars for each examination graded by the commissioner or his designee. The provisions of Paragraph (1) of this Subsection shall not apply to an applicant for licensure who:

(a) Has received a bachelor's or master's degree in an area related to finance, banking, or business administration from an accredited college or university and has had within the three years immediately preceding the date of the application twelve months experience in the mortgage lending field as evidenced by documentary proof of full-time employment by a mortgage broker, mortgage lender, originator, or a person exempt from the provisions of this Part or this Chapter, performing the duties of one of the following:

(i) Mortgage broker as defined in R.S. 6:1083(4).
(ii) Mortgage lender as defined in R.S. 6:1083(5).
(iii) Originator as defined in R.S. 6:1083(6).
(iv) Mortgage loan processor, defined as a person who performs clerical duties in connection with residential mortgage loan transactions, including a minimum of four of the following activities performed at the direction of and subject to the supervision of the mortgage broker, mortgage lender, or person exempt from the provisions of this Part or this Chapter who is responsible for such direction and supervision:

(aa) Collecting financial information and other related documents that are part of the application process.
(bb) Ordering verifications of employment.
(cc) Ordering verifications of deposits.
(dd) Requesting mortgage payoffs.
(ee) Requesting other loan verifications.
(ff) Ordering appraisals.
(gg) Ordering inspections.
(hh) Ordering engineering reports.

(v) Mortgage loan underwriter, defined as a person who performs evaluation duties in connection with residential mortgage loans by recertifying, evaluating for Accuracy, and validating the credit documents or appraisals provided by an originator or a mortgage loan processor.

(b) Has had within the three years immediately preceding the date of the application twenty-four months experience in the mortgage lending field as evidenced by documentary proof of full-time employment by a mortgage broker, mortgage lender, originator, or by a person exempt from the provisions of this Part or this Chapter, performing the duties of a:

(i) Mortgage broker as defined in R.S. 6:1083(4).
(ii) Mortgage lender as defined in R.S. 6:1083(5).
(iii) Originator as defined in R.S. 6:1083(6).
(iv) Mortgage loan processor, defined as a person who performs clerical duties in connection with residential mortgage loan transactions, including a minimum of four of the following activities performed at the direction of and subject to the supervision of the mortgage broker, mortgage lender, or person exempt from the provisions of this Part or this Chapter who is responsible for such direction and supervision:

(aa) Collecting financial information and other related documents that are part of the application process.
(bb) Ordering verifications of employment.
(cc) Ordering verifications of deposits.
(dd) Requesting mortgage payoffs.
(ee) Requesting other loan verifications.
(ff) Ordering appraisals.
(gg) Ordering inspections.
(hh) Ordering engineering reports.

TIPS FOR PREPARING FOR YOUR LICENSE EXAMINATION

The following suggestions will help you prepare for your exam. Planned preparation increases your likelihood of passing.

•   Use the exam content outlines provided in this bulletin as the basis of your study. The outline itself is a study tool because it can familiarize you with the exam.
•   Learn the major points associated with each outline topic.
•   Select study materials that cover all the topics in the content outline.
•   Take notes on what you study. Putting information in writing helps you commit it to memory. Underline or highlight key ideas that will help with a later review.
•   Read the study materials, making sure you understand each idea before going on to another.
•   Check off each topic from the outline when you feel you have an adequate understanding. Plan to take your test when all topics have been checked.
•   Discuss new terms or concepts as frequently as you can with colleagues. This will test your understanding and reinforce ideas.
•   Your studies will be most effective if you study frequently, for periods of about 45 to 60 minutes.

Concentration tends to decrease when you study for longer periods of time.

The Examination Content Outline has been approved by the Office of Financial Institutions. This outline reflects the minimum knowledge required by residential mortgage loan originator professionals to perform their duties to the public in a competent and responsible manner. Changes in the examination content outline will be preceded by changes in this published examination content outline.

Use the outline as the basis of your study. The outline lists all of the topics that are on the test and the number of items for each topic. Do not schedule your examination until you are familiar with all the topics in the outline.

The Loan Originator examination has 100 questions and you will have 180 minutes to complete the examination.

A Louisiana Residential Mortgage Lending Act (24 Items)

•   Powers and Duties of Commissioner
•   Licensing Requirements
•   Acts Requiring License; Exemptions
•   License Expiration / Renewal; Continuing Education
•   Prohibited Acts; Civil and Criminal Penalties
•   Permitted and Prohibited Fees Charged to Borrowers
•   Loan Origination Agreements
•   Record-keeping Requirements

B. Federal Laws (30 Items)

•   RESPA (Real Estate Settlement Procedures Act)
•   TIL/Reg Z (Truth in Lending)
•   ECOA (Equal Credit Opportunity Act)
•   FCRA (Federal Credit Reporting Act)
•   Table Funding and Aggregate Accounting

C. General Concepts 36 Items)

•   Lending Principles and Terminology
•   Types of Loans (including FHA/VA Programs)
•   Nongovernment Sources of Funding
•   Secondary Market Agencies
•   Life Cycle of a Mortgage Loan
•   Information Required on Loan Application
•   Mortgages and Promissory Notes; Mortgage Clauses
•   Sub-prime Lending (?)

D. Lending Calculations (10 Items)

•   Loan-to-Value Ratios
•   Points