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 (PAMB) , is an affiliate of the National Association of Mortgage Brokers (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.

Pennsylvania Mortgage Forms	Pennsylvania Reciprocity States
Most mortgage forms can be obtained online. Ones listed below pertain to new salespersons and brokers. Mortgage Originator employer bond form Penal Bond form Criminal Background History Check	N/A (as of 2/23/2010)
Pennsylvania Approved Mortgage Schools Prelicensing and Postlicensing Education
Community Colleges N/A	Private Schools Abacus Mortgage Training McKissock.com TheMortgageTrainingCenter.com Training Pro
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.