Categories:
- Home
- Mortgage Licensing Prices
- FHA Licensing
- Requirements by State
- Requirements by Type
- Mortgage Licensing Affiliate
- Latest Licensing News
- Licensing Resources
- Licensing Services
- About Us
- Contact Us
New Articles:
- July 2008 Mortgage Licensing Update
- June 2008 Mortgage Licensing Update
- May 2008 Mortgage Licensing Update
- April 2008 Mortgage Licensing Update
- March 2008 Mortgage Licensing Update
Contact Us
For assistance with mortgage licensing contact us at:Direct Phone: (714) 656-3960
Fax: (714) 829-1444
ssheasby@integritymortgagelicensing.com
Information herein is for educational purpose only and is not meant to be a complete statement of all state mortgage licensing requirements. Additional State and FHA mortgage licensing requirements may be required. If you need further information, we would encourage you to contact us directly.
Pennsylvania Mortgage Licensing
Pennsylvania Mortgage Licensing requires a physical office, but there is no test required. The state has multiple different mortgage license types listed below.Mortgage Banker Licensing
First Mortgage Banker License
Physical Office Required: Yes
In-State Officer/ Key Person: Yes
Minimum Net Worth: $250,000
Surety Bond: None
Fidelity Bond: $300,000
Line of Credit $1,000,000
State Initial Fee: $500
State Renewal Fee: $350
Branch Licensing: Yes
Loan Officer Licensing: No
Experience/Education: 6 hours of continuing education annually
Comments: PA requires an in-state office and that all books and records be maintained there (unless a waiver is granted). It must be staffed on a full-time basis. The Department of Banking issued an Interpretive Letter that addresses the issues of an in-state office which states:
a. It can be either a commercial or residential office. If residential, the area of business must a section of the residence that is used exclusively for the conduct of business.
b. It must be fully staffed by a minimum of one “knowledgeable” employee. Knowledgeable is defined as “having the capability to underwrite or approve loans and to directly contact consumers to present, negotiate or provide advice regarding loan terms. They further state that it cannot be a person specifically for administrative or clerical person. They must also be a W-2 employee. Continuing education is required each time the license is renewed.
c. Full-time is defined as a minimum of 35 hours per week.
Mortgage Broker Licensing
First Mortgage Broker License
Physical Office Required: Yes
In-State Officer/ Key Person: Yes
Minimum Net Worth: $ None
Surety Bond: None ($100,000 if receiving trust funds)
State Initial Fee: $500
State Renewal Fee: $200
Branch Licensing: Yes
Loan Officer Licensing: No
Experience/Education: 6 hours of continuing education annually
Comments: PA requires an in-state office and that all books and records be maintained there (unless a waiver is granted). It must be staffed on a full-time basis. The Department of Banking issued an Interpretive Letter that addresses the issues of an in-state office which states:
a. It can be either a commercial or residential office. If residential, the area of business must a section of the residence that is used exclusively for the conduct of business.
b. It must be fully staffed by a minimum of one “knowledgeable” employee. Knowledgeable is defined as “having the capability to underwrite or approve loans and to directly contact consumers to present, negotiate or provide advice regarding loan terms. They further state that it cannot be a person specifically for administrative or clerical person. They must also be a W-2 employee. Continuing education is required each time the license is renewed.
c. Full-time is defined as a minimum of 35 hours per week.
Mortgage Banker Licensing
Secondary Mortgage Lender License
Physical Office Required: Yes
In-State Officer/ Key Person: Yes
Minimum Net Worth: $200,000
Surety Bond: None
State Initial Fee: $500
State Renewal Fee: $350
Branch Licensing: Yes
Loan Officer Licensing: No
Experience/Education: None
Mortgage Broker Licensing
Secondary Mortgage Broker License
Physical Office Required: Yes
In-State Officer/ Key Person: Yes
Minimum Net Worth: $ None
Surety Bond: None
State Initial Fee: $500
State Renewal Fee: $200
Branch Licensing: Yes
Loan Officer Licensing: No
Experience/Education: None
Regulated by:
Department of Banking
17 N Second Street, Suite 1300
Harrisburg, PA 17101-2290
Telephone: (717) 214-8343
Fax: (717) 787-8773
http://banking.state.pa.us/