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Below you will find information on the following
topics for Pennsylvania: Mortgage Broker Licensing, Mortgage
Broker Training, Mortgage Broker License Requirements, Pennsylvania
Mortgage Laws and Regulations, Mortgage Broker Schools, etc.
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Pennsylvania Mortgage License and Education Information |
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The Pennsylvania Department
of Banking licenses and regulates first and secondary mortgage brokers along
with other non-depository financial institutions. The Department of Banking Bureau
of Licensing and Consumer Compliance - Licensing Division is responsible for administering
the application process. The licenses are issued under the provisions of the Mortgage
Bankers and Brokers and Consumer Equity Protection Act.
A first mortgage broker license is required by any person or company who, for
a fee, negotiates or arranges first mortgage loans for others. There are certain
entities that are exempt from licensure, including banks and savings and loan
associations. The exemptions are listed in Section 3 of the Mortgage Bankers
and Brokers and Consumer Equity Protection Act.
The following information is required to obtain a Pennsylvania Mortgage Broker
License:
- Submit a completed and signed application along with the required application
fee and other documents to the department. The Department will review the
application within 60 days. Any investigative cost in excess of license or
renewal fees may be recovered from the applicant by the Department.
- The Department of Banking requires all new applicants for a license to obtain
a criminal record check when applying for licensure.
- A first mortgage broker is not permitted to collect fees prior to a loan
closing involving the granting of a first mortgage loan, unless he or she
has first obtained a $100,000 penal bond, from a surety company authorized
to conduct business in Pennsylvania. If a first mortgage broker licensee can
demonstrate to the Department's satisfaction that advance fees are not collected,
an exemption from the bonding requirement may be exercised.
- It is mandatory for a first mortgage broker licensee to maintain a principal
office located within the Commonwealth of Pennsylvania. Principal offices
and all licensed branches must be staffed with a minimum of one W-2 employee.
- Over and above submitting the completed application, the applicant must
also submit copies of forms and documents used in the loan origination process.
However, exclude Federal Form 1003 -- Uniform Residential Loan Application
and other standard federal forms and documents.
- Licenses are valid for a year. Licenses must be renewed yearly by July 1.
Renewal applications must include renewal fees for principal office license
as well as for branch office licenses.
- There are no specific education or experience requirements required.
Applications and other forms can be downloaded at Department
of Banking: Applications for Non-Depository Institutions.
For more information, visit Department of Banking, Commonwealth of Pennsylvania.
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Major Cities Include: Philadelphia, Pittsburgh, Erie, Upper Darby, Scranton, Bethlehem, Bensalem, Bristol, Altoona, Harrisburg, Haverford, York, Northampton, Cheltenham, Chester, Falls, Manheim, Mount Lebanon, Warminster, Williamsport, Drexel Hill, New Castle, Easton, Whitehall, Lebanon, Marple, Cranberry, Hazleton, Derry, King Of Prussia, Dover, Warrington, Hatfield, Whitemarsh, Buckingham, Sharon, Willow Grove, Aston, Hermitage, Greensburg, Pottsville, Mountain Top, Coolbaugh, Harborcreek, Horsham, New Kensington, South Park, Elizabeth, Meadville, Hopewell, West Lampeter, Hershey, Ardmore, Lower Burrell, Bloomsburg, Robinson, Montgomeryville, Caln, Aliquippa, Franconia, Oil City, Patton, North Versailles, Broomall, Nanticoke, Coatesville, West Bradford, Jeannette, Sunbury, Silver Spring, Upper Providence, Woodlyn, Salisbury, Croydon, Beaver Falls, Lower Saucon, Carbondale, Cecil, Darby, Somerset, Richland, Neshannock, Lock Haven, Connellsville, New Garden, Latrobe, Amity, Milford, Harleysville, Monessen, Clairton, Fairless Hills, Dallas, Pittston, Folsom, Ephrata, Shamokin, Kulpsville, South Strabane, Glenside, Worcester, Solebury, Lawrence, North East, Shenango, Dunbar, Duquesne, Willow Street, Chartiers, Kingston, Perkiomen, Bushkill, Ligonier, Corry, Indiana, Richboro, Audubon, North Cornwall, Blue Bell, Honey Brook, Sewickley
This website has been prepared for informational purposes only.
Please make sure you read the site
disclaimer. |
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