How Much Do Pennsylvania Mortgage Loan Originator Bonds Cost?
Bond pricing for Pennsylvania mortgage originator sponsors and mortgage loan originators varies based on credit score. With excellent credit, you may be approved at a rate of just 0.75–1.5% of the bond amount. For example, $100,000 mortgage originator sponsor bond premiums start as low as $750–$1,500.
The bond amount will be determined by the actual or anticipated cash value of mortgage loans per year. Use the table below to find the bond you need and request a free quote:
SuretyBonds.com works with the top markets nationwide to offer the best available rates. However, if poor credit score adversely impacts your bond quote, ask about premium financing options.
How Do I Get a Mortgage License Bond in Pennsylvania?
With SuretyBonds.com, you can get your Pennsylvania mortgage loan originator or loan originator sponsor bond in just three easy steps:
- Apply for your surety bond online
- Receive a free quote within one 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 Loan Originator Bond?
The Pennsylvania Mortgage Act requires loan originators and mortgage loan originator sponsors to get a surety bond as part of the state licensing process. By filing these bonds, licensees promise to comply with all state laws and regulations.
Mortgage loan originator sponsor bonds ensure that MLO employers pay all wages to their employees and funds due to the state licensing office. Mortgage loan originator bonds protect anyone financially harmed by unethical and unlawful residential lending practices.
SuretyBonds.com also issues Pennsylvania mortgage broker, servicer and loan correspondent bonds.
Who Needs a Pennsylvania Mortgage Loan Originator Bond?
Mortgage loan originators (MLOs) and MLO sponsors in Pennsylvania must be bonded to meet the NMLS and state licensing requirements:
- Mortgage Loan Originator Sponsor Bond: Required for any persons intending to hire mortgage originators and offer mortgage origination services
- Mortgage Loan Originator Bond: Required for mortgage loan originators operating in Pennsylvania to ensure compliance with the Mortgage Industry Licensing Act
How Do MLO Bonds Work in Pennsylvania?
If the principal (MLO or employer) 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 company.
Mortgage originator employer bonds are effective until canceled by the principal or the surety. To maintain active bond coverage, you simply need to pay your SuretyBonds.com renewal invoice each year.
How to Become a Licensed Mortgage Loan Originator in Pennsylvania
The Pennsylvania Department of Banking and Securities enforces licensing requirements for mortgage lenders in the state. The Nationwide Mortgage Licensing System (NMLS) manages MLO license application submissions.
Use the NMLS checklists below to find the licensing requirements and gather application materials:
- NMLS: Pennsylvania Mortgage Loan Originator Application Checklist
- NMLS: Pennsylvania State Licensing Requirements
