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How Much Does a Mortgage Broker Bond Cost in Pennsylvania?
A Pennsylvania Mortgage Broker Bond costs anywhere from $500 to $15,000. Your exact bond cost will depend on two factors: the total bond amount needed and your credit score.
- Total Bond Amount (Bond Sum): The bond sum of a Mortgage Broker Bond for Pennsylvania typically ranges from $50,000 - $150,000. The exact number depends on the anticipated amount of PA loan originations handled.
- Credit Score: Your credit score is the main factor determining the percentage of your bond you must pay (typically 1% - 10%). For example, a $50,000 bond costs anywhere from $500 - $5,000. Other considerations that may influence your bond rate include business financials, past bonding history, and industry experience.
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Pennsylvania Mortgage Broker Bond Cost Based on Credit Score |
||||
|
Amount of PA Mortgage Loan Originations |
Surety Bond Amount |
Over 700 |
Between 600 – 699 |
Below 599 |
|
$14,999,999.99 or less |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
$15,000,000 – $29,999,999.99 |
$75,000 |
$750 - $2,250 |
$1,250 - $3,750 |
$3,750 - $7,500 |
|
$30,000,000 – $49,999,999.99 |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
$50,000,000 or more |
$150,000 |
$1,500 - $4,500 |
$4,500 - $7,500 |
$7,500 - $15,000 |
Important: Pennsylvania brokers and lenders that receive trust funds need an extra $100,000 on their bond.
Our broker client, Wendy, was about to start receiving trust funds, so she called us to ask for a $100,000 bond. We explained that this did not need to be a separate bond from the one she already held. We were able to quickly update the amount of her current Pennsylvania Mortgage Broker Bond from $100,000 to $200,000.
How to Get a Mortgage Broker Bond in Pennsylvania
1. Apply For Your Mortgage Broker Bond
Fill out an online bond application. It is available 24/7 and provides a free, no-obligation bond quote.
Information that you will need to complete the form includes:
- Bond Name (Mortgage Broker Bond, sometimes also called a Mortgage Broker License Bond)
- Bond Amount (varies; $50,000 to $250,000)
- Your Contact Information
Don’t hesitate to call us at (888)-592-6631 if you have questions or prefer to apply over the phone.
2. Get Your Free Bond Quote
Your bond quote will be sent to the email you provided. Most quotes arrive within a few minutes, but quotes for larger bonds can take a bit longer. Please check your Spam Folder.
3. Purchase Your Bond
Follow the instructions in your quote email to log in to our website. There, you can purchase your bond and sign the bonding agreement.
Once your payment is processed, a copy of the surety bond will be emailed. When requested, the original bond can be sent through mail. Please check the bond over to ensure all the information is correct.
Pennsylvania Mortgage Broker Bond Requirements
A Pennsylvania Mortgage Broker Bond is needed to become a licensed Mortgage broker in the state of Pennsylvania. PA mortgage broker licenses are issued by the Pennsylvania Department of Banking and Securities.
The amount of this bond depends on anticipated business volume and typically ranges from $50,000 to $150,000. Tack on an extra $100,000 for brokers receiving trust funds.
|
Mortgage Broker Bond Amount |
Amount of PA Mortgage Loan Originations |
|
$50,000 |
$14,999,999.99 or less |
|
$75,000 |
$15,000,000 – $29,999,999.99 |
|
$100,000 |
$30,000,000 – $49,999,999.99 |
|
$150,000 |
$50,000,000 or more |
Pennsylvania mortgage lenders have bond requirements based on the same loan origination system.
|
Mortgage Lender Bond Amount |
Amount of PA Mortgage Loan Originations |
|
$100,000 |
$29,999,999.99 or less |
|
$200,000 |
$30,000,000 – $99,999,999.99 |
|
$300,000 |
$100,000,000 – $249,999,999.99 |
|
$500,000 |
$250,000,000 or more |
How Do I Get a Pennsylvania Mortgage Broker License?
To get a Pennsylvania Mortgage Broker License, you need to apply through the Nationwide Mortgage Licensing System (NMLS). To do so, you will need:
- Proof that you completed the 20-hour pre-licensure educational course.
- A passing mark on the pre-licensure testing (there are various exam options).
- Tax certification.
- Payment of fees, which includes the licensing fee, criminal background check, and credit report.
- A Mortgage Broker License Bond (amount varies; $50,000 to $150,000)
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