Pennsylvania Mortgage Broker, Lender, Originator or Correspondent Bond
Pennsylvania Mortgage Broker, Lender, Originator or Correspondent Bond Information
Mortgage Broker, Lender, Orignator and Correspondent Bonds are surety bonds required by the Pennsylvania Department of Banking and Securities as part of the licensing process for mortgage professionals in Pennsylvania.
The bond guarantees that the bonded party will comply with the rules, regulations and guidelines established by the state. Typically, mortgage professionals will be required to apply for surety bonds in each state in which they operate and mortgage bond amounts and obligations vary by state. As a leading mortgage bond provider, Surety Bonds Direct is here to help you through this process.
How Much Does a Mortgage Broker, Lender, Originator or Correspondent Bond Cost in Pennsylvania?
Most Common Bonds
Bonds up to $250,000
What Does a Mortgage Broker, Lender, Originator or Correspondent Bond Protect Against?
The bonds generally require that the bonded principal shall:
compy with the provisions of the Mortgage Licensing Act; and
compy with all the rules and regulations of the Department issued in accordance with the Mortgage Licensing Act; and
pay any moneys due to the Commonwealth, the Department, or any person or persons who is injured by the acts or omissions related to the mortgage loan business under the provisions of this Act,