Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Pennsylvania or anyone looking to become a mortgage broker in Pennsylvania.
The Bureau of Licensing and Consumer Compliance of the
Pennsylvania Department of Banking, provides licenses for and regulates the ?Mortgage Bankers and Brokers and Consumer Equity Protection Act? pertaining to the Mortgage Brokers working on first mortgage loans 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.
The Department of Banking also issues a
Secondary Mortgage Loan Broker Licenses under the ?Secondary Mortgage Loan Act.? Applicants who desire to become a Mortgage Broker in Pennsylvania for second mortgage pay a licensing fee of $500 and provide a different application with different requirements.
Applicants who
desire to become a Mortgage Broker Pennsylvania for first mortgages pay a licensing fee of $500. The annual renewal fee is $200.
Mortgage Brokers for first mortgages are exempt from
obtaining a Surety Bond if they successfully demonstrate to the Department of Banking that they will collect no monies or fees in their own name prior to a loan closing. 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 are required to attend at least six hours of continuing education and training each year.
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 (PAMB),
www.pamb.org, is an affiliate of the National Association of Mortgage Brokers (NAMB),
www.namb.org. 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.
We also offer information and resources for Pennsylvania Commercial Mortgage