Pennsylvania Mortgage Brokers Surety Bonds
If you are a Mortgage Broker in Pennsylvania, you are required to obtain a Pennsylvania Mortgage Broker Surety Bond as a condition of licensure. The surety bond ensures compliance of state laws and ethical performance of duties.
Surety Bond and License Requirements:
Loan origination totals less than $14,999.999.99 =require a $50,000 surety bondLoan origination totals more than $15,000,000 but less than $29,999,999.99 =require a $75,0000 surety bondLoan origination totals more than $30,000,000 but less than $49,999,999.99 =require a $100,0000 surety bondLoan origination totals more than $50,000,000 =require a $150,0000 surety bond
- Mortgage Broker applicants must register and complete an application through the National Mortgage Licensing System (NMLS) and pay the applicable dealer license and dealer plate fees.
- Applicants are required to complete a background check, provide an organizational chart, business plan, financial statements, and any other applicable documents.
- Applicants that accept advanced fees must obtain a $100,000 surety bond
- Or the surety bond amount required is based on the total projected or actual amount of total loans originated.
- The bond amounts are as follows:
How Much Will This Bond Cost?
The premium that you pay for the Pennsylvania Mortgage Broker License Surety Bond is dependent on credit and the bond amount required. Surety bonds over $50,000 will also require personal and/or business financial statements.
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
For a downloadable application