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Pennsylvania Mortgage Broker Surety Bond

Bond Requirements and Online Application

The Pennsylvania Mortgage Broker Bond is required by the Pennsylvania Department of Banking and Securities.

According to the National Mortgage Licensing System, “any entity… who engages in the mortgage loan business by directly or indirectly negotiating or placing mortgage loans for others in the primary market for consideration” is required to be licensed as a mortgage broker with the Commonwealth of Pennsylvania. A provision of the Pennsylvania Mortgage Licensing Act, Section 6131  requires all license applicants to file a Surety Bond with the Department of Banking and Securities. The Pennsylvania Mortgage Broker Bond ensures that the Mortgage Broker will perform all business activities in compliance with the Pennsylvania Mortgage Licensing Act. The bond is in place for the protection of the public. If any person is harmed by wrongdoing of the broker, the third party may file a claim against the bond. If the claim is valid, the bond offers financial compensation for damages caused by the mortgage broker.

The required amount for a Pennsylvania Mortgage Broker Bond depends on the anticipated or actual amount of Pennsylvania mortgage loans originated by the Principal:

  • A loan origination amount of $14,999,999.99 or less requires a $50,000 surety bond.
  • A loan origination amount between $15,000,000 and $29,999,999.99 requires a $75,000 surety bond.
  • A loan origination amount between $30,000,000 and $49,999,999.99 requires a $100,000 surety bond.
  • A loan origination amount of $50,000,000 or more requires a $150,000 surety bond.

If the broker is accepting advanced fees, he or she must file a $100,000 surety bond.

The Pennsylvania Mortgage Broker Bond is continuous in nature; therefore, the bond will remain in full force and effect until cancelled by the Surety. The Surety may cancel the bond at any time by providing the Department of Banking and Securities with a written notice of cancellation at least 30 days prior to the effective date of cancellation.

License Fees and Requirements:

  • Surety Bond
  • Financial Statements
  • Criminal Background Check
  • Credit Check
  • Tax Certification
  • Education and Testing
  • Qualifying Individual
  • Disclosure Questions
  • $1,100 licensing fee (includes the NMLS processing fee)

All fees are required by the obligee, not the Surety Company.

CLICK HERE for more licensing information from the Pennsylvania Department of Banking and Securities.

APPLY for your Pennsylvania Mortgage Broker Bond today!

How to Get Your Pennsylvania Mortgage Broker Surety Bond

1. Complete an online application. It's free and no-obligation. 2. One of our surety experts will contact you with a firm quote and an agreement to sign. 3. Provide payment and your signed agreement, and then you will receive your Pennsylvania Mortgage Broker Surety Bond!   If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
1. Apply Online Using our Free & Secure Application 2. Get Your Free Quote Applications are No-Obligation 3. Get Your Bond Most Bonds are Approved in 1-2 Business Days

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