Pennsylvania Mortgage Bond Markets

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
  • 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.

*Information for state licensing is provided as a guide, always verify with the state that the information is correct.

How to apply:

1.) Visit the commercial application page.
2.) Complete our online application.