The Bureau of Licensing and Consumer Compliance of the Pennsylvania
Department of Banking, regulates the Mortgage Bankers and Brokers and Consumer Equity
Protection Act pertaining to the Mortgage Brokers within the Commonwealth of Pennsylvania.
A Mortgage Broker is considered to be any person or company who, for a fee, arranges or
negotiates a first mortgage loan. Performing these services and not being licensed is a
felony of the third degree.
All Pennsylvania mortgage licenses are handled through the National Mortgage Licensing System.
Prelicensing requirements include approved courses that are 20 or more hours and contain 3
hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional Mortgage Lending plus
12 or more hours of electives. This may be in addition to Pennsylvania-required content. Continuing Education
Requirements include at least eight hours of NMLS approved instruction.
The licensing fee for NMLS for Loan
Originators is $269, and the fee for Mortgage
Broker is $1,100. Click on the link in the preceding sentence for more details
about each license.
Mortgage Brokers must supply a surety bond by a company authorized to do business in
Pennsylvania, in the amount of between $50,000 and $150,000, depending on the volume of
business that they do. Mortgage Brokers who intend to collect advance fees must
provide a Penal Bond in the amount of $100,000 from a surety company authorized to do
business in Pennsylvania.
Applicants need to provide both Pennsylvania Criminal Record Checks and National Criminal
History Record Information (including Fingerprint Cards). A complete criminal records
check will be obtained on the applicant.
Full information regarding previous business experience within the mortgage lending
industry also needs to be supplied.
Mortgage Brokers must maintain their principal place of business in Pennsylvania. Proof
that all telephone lines are in the Mortgage Broker's name is required.
The Pennsylvania Association of Mortgage Brokers
, is an affiliate of the National Association of Mortgage
(NAMB). Both organizations aim at providing top-notch real estate education
and legislative support for those who choose to obtain a Mortgage Broker License in
Pennsylvania Mortgage Forms
Pennsylvania Reciprocity States
(as of 2/23/2010)
Pennsylvania Approved Mortgage Schools Prelicensing and Postlicensing
Abacus Mortgage Training
|Last Update: 2/22/2010
This list may not include all approved schools. Please visit the Department
of Banking website for the latest list of approved schools.