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Legal Notices The mortgage industry has very specific regulations around the recordkeeping requirements for advertising materials, including brochures, business cards, and even social media. That can be a daunting task for any mortgage lender when loan officers are their own marketing departments on social media, but ActiveComply automates this process for lender partners. See the state-by-state requirements below: What licenses are covered by the Mortgage Licensing Act (MLA)? How is a license application submitted? How is an application processed? Does the license expire? ExaminationsWhy is an
examination conducted? What topics does the examination address?
Additional guides will be used for examination on a case-by-case basis such as:
Who conducts a mortgage licensee examination? What is expected during the course of an examination?On-Site Examination
The examiner’s goal is to determine if any violation or issue exists, to conclude whether that violation or issue was singular or systemic and to accomplish all corrective action during the examination when possible. Off-Site Examination What records are requested for the examination?The examiner may request additional and more specific records during the examination, but in general the following will be requested:
When is an examination conducted? Scheduled Examination Unscheduled Examination How are the examination costs invoiced?
ComplianceWhy does the Compliance Office contact an institution? How is a compliance issue resolved? What happens if a resolution is not reached? Disclaimer: This information is presented as guidance to licensees regarding the usual manner in which the Department of Banking and Securities conducts licensing, examination and compliance matters. No legal rights, benefits or defenses are created by the posting of this guidance. The Department is permitted to conduct examinations in the manner it deems fit and may alter its approach on a case by case basis. This information in no way binds the Department to any specific procedure. What is the minimum record keeping requirements for mortgage licenses in Pennsylvania?(a) Requirements of licensee.--
Records of first and secondary mortgage loans shall be easily distinguishable and easily separated. All records shall be preserved and kept available for investigation or examination by the department for a period of four years, unless otherwise determined by the department.
What is the primary licensing law for mortgage professionals in Pennsylvania?Mortgage Originator License - To obtain an individual mortgage license, applicants are required to complete an NMLS-approved pre-licensure education course of at least 20 hours. The course must include 3 hours of Pennsylvania law.
How long do mortgage companies keep records?A.
Retention of origination documents, for a minimum of two years after selling a loan is required for each succeeding lender. Each selling lender is required to transfer copies of the origination documents to the purchasing lender.
What is the minimum net worth requirement for a mortgage lender license in PA?Pennsylvania has net worth requirements for both the mortgage lender and mortgage loan correspondent. The mortgage lender license requires a net worth of 250k and the mortgage loan correspondent requires a 100k net worth. While Pennsylvania doesn't require audited financials, they are required if they are available.
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