Pennsylvania Mortgage Licensing


 

Mortgage Banker Licensing

Mortgage Lender License

Physical In-State Office Required: No (Eliminated 8/1/09)
Qualifying Individual: Yes, must be executive officer and obtain a PA LO License.
Minimum Net Worth: $250,000
Surety Bond: $100,000 to $500,000 (additional $100,000 if receiving trust funds)
Comments: Must obtain Fidelity Bond of $300,000 or more and warehouse line of credit of $1,000,000 or more.

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$250 – Foreign Entity Fee
$125 – Registered Agent Fee
$ 1,000 – $100k Surety Bond Fee
$1,600 – Company License Fee
$40 – PA Fingerprinting per Officer/Owner


 

Partial Mortgage Banker Licensing

Mortgage Loan Correspondent License

Physical In-State Office Required: No, Eliminated 8/1/09
Qualifying Individual: Yes, must be executive officer and obtain a PA LO License.
Minimum Net Worth: $100,000
Surety Bond: $100,000 to $500,000 (additional $100,000 if receiving trust funds)

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$250 – Foreign Entity Fee
$125 – Registered Agent Fee
$1,000 – Surety Bond Fee
$1,600 – Company License Fee
$40 – PA Fingerprinting per Officer/Owner


 

Mortgage Broker Licensing

Mortgage Broker License

Physical In-State Office Required: No (Eliminated 8/1/09)
Qualifying Individual: Yes, must be executive officer and obtain a PA LO License.
Minimum Net Worth: $ None
Surety Bond: $50,000 to $150,000 ($100,000 if receiving trust funds)

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$250 – Foreign Entity Fee
$125 – Registered Agent Fee
$500 – Surety Bond Fee
$1,100 – Company License Fee
$40 – PA Fingerprinting per Officer/Owner


 

Regulated by:

Pennsylvania Department of Banking

17 N Second Street, Suite 1300
Harrisburg, PA 17101-2290
Telephone: 717-787-2665
Fax: 717-787-8773

Supervisor | John Stossel | 717-346-9352
Final Review | Linda Joslin | 717-783-2250 | Fax: 717-787-8773
Initial Review | Sherry Reeder | shreeder@pa.gov |  717-772-2276
Initial Review | Lou Fabian | lfabian@state.pa.us | 717-783-2493 | Fax: 717-787-8773
Initial Review | Rita Myers | rmyers@state.pa.us
LO Apps | Jacqueline Johnson | jacqujohns@state.pa.us | 717-425-5467 | Fax: 717-787-8773
LO Apps | Norma Cole | nocole@state.pa.us | Fax: 717-787-8773
Debra Hartley | dhartley@state.pa.us | 717-425-5464 | Fax: 717-787-8773
Laura Hill | cfolks@state.pa.us | 843-683-6992