Real Estate Zing
 USA Real Estate  USA Cities  Real Estate Agents List  Fannie Mae  Freddie Mac
 
 Home  »  USA  »  Pennsylvania  » Mortgage License

Pennsylvania Mortgage License

Pennsylvania mortgage license is a legal requirement for every individual involved in originating, lending, processing or selling home loan products to home buyers and borrowers in the state of Pennsylvania. Home loan lenders, brokers and bankers are required to be licensed by the Pennsylvania Department of Banking in order to conduct their business in any part of the state. If you are thinking to become a mortgage broker or a banker then it will be beneficial for you to have a clear understanding of all the PA mortgage licensing process to make and informed approach.

Pennsylvania Mortgage Broker License

The Department of Banking regulates the licensing process of home loan brokers in the state of Pennsylvania. As per the department, applicants seeking mortgage broker license are required to run a physical office within the state. Home loan brokers are further required to maintain a surety bond of $100,000 in order to get their state license. However, there is no net worth requirement for the applicants. It is essential for the applicants to pay a licensing fee of $500 to get their license approval. Moreover, they are required to complete 6 hours of continuing education in order to get their license approval.

PA Mortgage Banker License

Not only the brokers but the home loan bankers should also get their license in order to operate in the state of Pennsylvania. The licensing department requires the mortgage bankers to maintain a physical office inside the state in order to get their license approval. They are also required to provide a minimum net worth of $250,000 and a fidelity bond of $300,000 in order to get their state license.

Mortgage Licensing Requirements

Moreover, the applicants should have a minimum line of credit in amount of $1,000,000. The state of Pennsylvania charges a licensing fee of $500 and a renewal fee of $350. There is licensing requirement for branch office however, the loan officer are not required to get licensed. Like home loan brokers, mortgage bankers in the state are required to complete 6 hours of continuing education to get their license.

Applicants should submit a complete application along with all the necessary documents and the accrued fees to the Department of Banking. They could also seek some assistance from mortgage licensing companies who provide education courses and training programs for mortgage broker and bankers seeking state license. These companies have good relationship with the licensing department and they can hasten the process of licensing.
 
Proschools
Proschools provide reliable information on all the aspects of mortgage broker licensing process undertaken in the state of Pennsylvania. They also provide pre-licensing courses education programs for mortgage brokers and bankers.
Website:http://www.proschools.com/mortgage_lending/pa/ce_faqs.asp
 
Mortgage News Daily
Mortgage News Daily is one of the reliable online mortgage information providers operating in all the US states. Visit the website of the company to check the mortgage licensing requirements prevalent in the state of Pennsylvania.
Website:http://www.mortgagenewsdaily.com/mortgage_license/Pennsylvania.asp
 
Integrity Mortgage Licensing
Integrity Mortgage Licensing can offer fast and hassle free mortgage licensing services in Pennsylvania. Get latest info on mortgage broker licensing process in the state by visiting the website of the company.
Website:http://www.integritymortgagelicensing.com/state-licensing-requirements/pennsylvania-mortgage-licensing/


Mortgage
Home Mortgage
Rates
Lenders
Brokers
Company
Calculator
Refinance
Real Estate
Agents
Real Estate Commission
School
License
Cities In Pennsylvania
Foreclosures
Listings
Foreclosed Homes
Help
Rental Homes
Rentals
Association and Board
Association of Realtors
Housing Authority
Appraisal Board
Top Builders
Home Builders
Pulte Homes
Lennar Homes
Property Taxes
State Unclaimed Property
Property Tax
Building a Home
Architects