Pennsylvania Mortgage Broker Bonds

License Overview

Pennsylvania Mortgage brokers are regulated by the Bureau of Licensing and Consumer Compliance of the Pennsylvania Department of Banking. The department assists all Brokers and regulates them in accordance to the Mortgage Bankers and Brokers and Consumer Equity Protection Act. A Mortgage broker is defined as a person who takes fees for, solicits, or aids in securing Home Loans and Mortgages for a client.

There is no Surety Bond requirement for First Mortgage Broker in Pennsylvania as long as they can show that they do not accept any fees or charges up front prior to the close of the mortgage. If you are accepting fees or charges before the loan closes First Mortgage brokers are subject to a $100,000 bond. This must be proven with verifiable data to the Department of Banking before a license is issued. Another important requirement is that a Mortgage Broker must maintain their principle house of business in the state. They must also provide proof that all phone lines coming in to that office are in the Broker’s name.

Bad Credit Pennsylvania Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

Pennsylvania License Requirements

Age: 18

State Residency: N/A

Experience: Verifiable to state through a resume

Education: Pre-licensing work

Continuing Education: 6 hous per year

Net Worth: N/A

Surety Bond: $0 or $100,000 depending on your filed status

Free Surety Bond Quote

Background Check: Credit check and criminal

Pennsylvania State Licensing Fees

Initial Application: $500

Branch Location: $500

Renewal Application: $200

Exemptions:

Entities: Bank, Trust Company, Savings and Loan Company, Credit Union, Real Estate Investment Trusts, Attorney, Person acting under the court.

Safe Harbor: First Mortgage Brokers that do not collect fees.

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

Get a FREE quote on your Mortgage License Surety Bond online now!

Choose Another State:

Commercial Bonds

• 

Warning: require(http://www.jwsuretybonds.com/temp3_mortgage_broker.php) [function.require]: failed to open stream: HTTP request failed! HTTP/1.1 404 Not Found in /var/www/vhosts/jwsuretybonds.com/httpdocs/surety-bonds/commercial-bonds/mortgage-broker-bonds/pennsylvania_mortgage_broker_bond.htm on line 131

Fatal error: require() [function.require]: Failed opening required 'http://www.jwsuretybonds.com/temp3_mortgage_broker.php' (include_path='.:/usr/local/php-5.2.11/lib/php:/usr/share/php') in /var/www/vhosts/jwsuretybonds.com/httpdocs/surety-bonds/commercial-bonds/mortgage-broker-bonds/pennsylvania_mortgage_broker_bond.htm on line 131