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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.
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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.
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