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
