If you are a Mortgage Broker in Pennsylvania, you are required to obtain a Pennsylvania Mortgage Broker Surety Bond as a condition of licensure.
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
Otherwise the surety bond amount required is based on the total projected or actual amount of total loans originated.
The bond amounts are as follows:
Loan origination totals less than $14,999.999.99 =require a $50,000 surety bond
Loan origination totals more than $15,000,000 but less than $29,999,999.99 =require a $75,0000 surety bond
Loan origination totals more than $30,000,000 but less than $49,999,999.99 =require a $100,0000 surety bond
Loan origination totals more than $50,000,000 =require a $150,0000 surety bond
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.
Contact our Surety Bond Specialists at:
Hours: 8:00-5:00 CST, Monday through Friday