Pa Mortgage Broker information
Net Equity Financial Mortgage is regulated by the Pennsylvania Department of Banking under the Mortgage Bankers and Brokers and Consumer Equity Protection Act pertaining to Mortgage Brokers within the Commonwealth of Pennsylvania. A Pennsylvania Mortgage Broker is considered to be any person or company who, for a fee, arranges or negotiates a first mortgage loan. Performing these services and not being licensed is a felony of the third degree.
Pennsylvania Mortgage Broker licensees
Licensees like Net Equity Financial Mortgage are handled through the National Mortgage Licensing System. Pre licensing requirements include approved courses that are 20 or more hours and contain 3 hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional Mortgage Lending plus 12 or more hours of electives. This may be in addition to Pennsylvania-required content. Continuing Education Requirements include at least eight hours of NMLS approved instruction. The licensing fees for NMLS Mortgage Broker is $1,100
Pennsylvania Mortgage Brokers surety bond requirements
Pa Mortgage Brokers like Net Equity Financial Mortgage must supply a surety bond by a company authorized to do business in Pennsylvania, in the amount of between $50,000 and $150,000, depending on the volume of business that they do. Pa Mortgage Brokers who intend to collect advance fees must provide a Penal Bond in the amount of $100,000 from a surety company authorized to do business in Pennsylvania. Applicants need to provide both Pennsylvania Criminal Record Checks and National Criminal History Record Information (including Fingerprint Cards). A complete criminal records check will be obtained on the applicant.
Pa Mortgage Broker locations
Pa Mortgage Brokers must maintain their principal place of business in Pennsylvania. Proof that all telephone lines are in the Pa Mortgage Broker's name is required. The Pennsylvania Association of Mortgage Brokers (PAMB) , is an affiliate of the National Association of Mortgage Brokers (NAMB). Both organizations aim at providing top-notch real estate education and legislative support for those who choose to obtain a Mortgage Broker License in Pennsylvania.
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