If you are a Mortgage Broker in Pennsylvania (PA) , you are required to obtain a Pennsylvania Mortgage Broker Bond as a condition of licensure.
Mortgage Broker applicants must 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
Otherwise the bond amount required is based on the total projected or actual amount of total loans originated.
The bond amounts are as follows:
Loan orignation totals less than $14,999.999.99 =require a $50,000 bond
Loan orignation totals more than $15,000,000 but less than $29,999,999.99 =require a $75,0000 bond
Loan orignation totals more than $30,000,000 but less than $49,999,999.99 =require a $100,0000 bond
Loan orignation totals more than $50,000,000 =require a $150,0000 bond
Premium for the Pennsylvania Mortgage Broker bond is dependent on credit and the bond amount required. Bonds over $50,000 will also require personal and/or business financials.
We have been underwriting surety bonds for over 35 years, and we offer bonds for individuals and businesses of every size.
Our team of experienced surety specialists and in-house underwriting authority gives us a unique advantage over other surety companies. We are able to offer competitive, low rates, quick approvals and immediate bond delivery. In most cases we can approve your application today and deliver your bond tomorrow.
Hours: 8:00-5:00 CST, Monday through Friday