What is the minimum net worth requirement for a mortgage lender license in PA?

Pennsylvania Mortgage Licensing

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Pennsylvania Mortgage Licensing
Mortgage Banker Licensing
Mortgage Lender License
Partial Mortgage Banker Licensing
Mortgage Loan Correspondent License
Mortgage Broker Licensing
Mortgage Broker License
Regulated by:
Pennsylvania Department of Banking
What is the minimum net worth for a mortgage lender?
What is the minimum net worth that must be continuously maintained by each mortgage servicer?
What is the net worth requirement for a non servicing lender?
What is the minimum surety bond required for a mortgage broker in PA?

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

What is the minimum net worth for a mortgage lender?

Net worth requirement: CFLL lenders that make residential mortgage loans must maintain a minimum net worth of $250,000. See CFL net worth requirement for more details (Net Worth Requirements paragraph) . There is no change to the CRMLA tangible net worth requirement for CRMLA licensees.

What is the minimum net worth that must be continuously maintained by each mortgage servicer?

Each mortgage servicer must continuously maintain a minimum net worth of $100,000.

What is the net worth requirement for a non servicing lender?

For Companies Engaged in Non-Residential Lending or Brokering: In general, an applicant/licensee must: Broker must have and maintain a $25,000 net worth. Obtain and maintain a $25,000 surety bond.