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Pennsylvania Mortgage Broker Surety Bonds

Regulation of mortgage brokers went into effect 180 days after the Mortgage Bankers and Brokers and consumer Equity Protection Act was passed on December 22, 1989. Up dates in the law in 1998 and again in 2002 made took this fairly unregulated state to a medium level of restrictiveness.

An applicant must have a physical location in the state of Pa, demonstrate fitness, and maintain a surety bond in the amount of $100,000 if the applicant intends on collecting advance fees. Each location must have one Mortgage Professional. The Mortgage Professional is defined as: 1) A manager of a licensed office that is maintained by a licensee. 2) An owner, officer, or W-2 employee who has the authority to underwrite or approve loans. 3) An owner, officer, or W-2 employee who as part of their official duties directly contacts borrowers to present, negotiate, or advise loan terms. The Mortgage Professional must participate in 6 hours of continuing education yearly.

Pennsylvania Mortgage Bond Markets

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Bad Credit Mortgage Broker Bonds

Applicants with a low credit score, or public records (Bankruptcy, Liens, Collection, or Civil Judgments) will find a difficult time getting bonded. Bryant Surety Bonds, Inc. offers a Bad Credit Surety Bond Program that is specially tailored to your needs and can get you approved. This program is available for high risk mortgage brokers.

Pennsylvania Licensure Requirements*

Applicant Requirements:

Age: No Requirement
State Residency: No Requirement
Experience: No Requirement
Education: No Requirement
Continuing Education: One Mortgage Professional at each location must complete 6 credit hours of continuing education.
Examination: No Requirement
Fitness for Licensure: The applicant must show an ethical reputation and good character.
Net Worth: No Requirement
Surety Bond: $100,000 if the applicant accepts advance fees.
Background Check: Each owner, partner, officer, president, VP, Secretary and treasurer, must submit fingerprints and consent to a criminal background check.
Managing Principal: Each licensee must maintain one Mortgage Profession at each licensed office.
State Licensing Fees:
Initial Application: $500 Licensing Fee
Branch Application: $50 Branch License Fee
Renewal Application:$200 Renewal Fee, $25 Branch Renewal Fee
Employee Requirements:
Age: No Requirement
State Residency: No Requirement
Experience: No Requirement
Education: No Requirement
Continuing Education: No Requirement
Examination: No Requirement
Fitness For Licensure: No Requirement
Net Worth: No Requirement
Surety Bond: No Requirement
Background Check: No Requirement
Managing Principal: No Requirement
Exemptions: Employees are not required to register or obtain a license. Non-employees (1099 form) must obtain their own mortgage broker license.
Licensing Fee: No Requirement
Renewal Fee: No Requirement
Branch Offices
In State Requirements: A in state office must be maintained
Licensure Requirements: Unknown (though a licensing fee must be paid)
Branch Manager: Each licensed office must maintain one Mortgage Professional
Exemptions:
Entities: Regulated financial institutions, Lawyers, Insurance companies, Consumer loan companies, Real estate agents.
Safe Harbor: A person who originates or negotiates less then 3 mortgage loans a calendar year, unless this person is deemed to engage in first mortgage loan business is exempt.