How Much Do Pennsylvania Mortgage Lender Bonds Cost?
Mortgage Broker & Loan Correspondent Bonds
- Pennsylvania requires $100,000 bonds for mortgage brokers accepting advance fees and mortgage loan correspondents. Broker bond prices start at $1,500 for qualified applicants but vary based on credit score. Apply for a personalized quote below.
Mortgage Servicer Bonds
- Mortgage servicers in Pennsylvania need to purchase $500,000 surety bond policies. Pricing is determined after underwriting review, starting at $5,000. Ask your account manager about premium financing options.
How Do I Get a Mortgage Lender Bond in Pennsylvania?
With SuretyBonds.com, you can get your Pennsylvania mortgage broker, servicer or loan correspondent bond in just three easy steps:
- Apply for your surety bond online
- Receive a free quote within 1 business day.
- Checkout on our secure, online portal
That’s it! We’ll file your official bond directly with the NMLS and provide an email copy for your records.
If you work as a mortgage professional in several states, we offer mortgage industry license bonds nationwide.
What Is a Pennsylvania Mortgage Broker, Servicer or Loan Correspondent Bond?
The Pennsylvania Mortgage Act requires individuals file a surety bond as part of the state licensing process. By signing this bond as the principal, you agree to comply with all applicable state laws and regulations. This protects consumers from financial harm due to unethical or unlawful residential lending practices.
Who Needs a Pennsylvania Mortgage Lender Bond?
Various types of mortgage industry professionals in Pennsylvania must be bonded to meet state licensing requirements:
- Mortgage Broker Bond: Required for mortgage brokers who accept advance fees for direct or indirect loan negotiation or placement services
- Mortgage Servicer Bond: Required for any person or company who services mortgage loans or other payments under a mortgage loan
- Mortgage Loan Correspondent Bond: Required for any person who originates and closes mortgage loans in their own name
We also issue separate bonds for Pennsylvania mortgage loan originators and sponsors.
How Do Mortgage Lender License Bonds Work in Pennsylvania?
If the principal (broker/servicer/correspondent) violates the bond terms, the surety company will pay valid claims to harmed parties up to the full bond amount. The principal must then reimburse the surety.
These bonds remain effective until canceled by the principal or the surety. The surety provider must give 30-days’ written notice prior to cancellation.
How to Become a Licensed Mortgage Lender in Pennsylvania
The Pennsylvania Department of Banking and Securities enforces licensing requirements for financial services lenders and mortgage brokers and the Nationwide Mortgage Licensing System (NMLS) manages application submissions on behalf of the state.
Use the NMLS resources below to complete the licensing requirements:
