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Pennsylvania Statutes Title 7 Pa.C.S.A. Banks and Banking § 6111. License requirements

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) General rule.--Except as provided under subsections (b) and (c) and section 6112 (relating to exceptions to license requirements), on and after the effective date of this section, no person shall engage in the mortgage loan business in this Commonwealth without being licensed as a mortgage broker, mortgage lender, mortgage servicer or mortgage originator as provided under this chapter. A mortgage originator may not engage in the mortgage loan business unless the mortgage originator is sponsored in the Nationwide Mortgage Licensing System and Registry by a licensed mortgage broker, mortgage lender, mortgage servicer or mortgage loan correspondent, person excepted from this chapter or person excepted from licensure under section 6112 and is under the direct supervision and control of the sponsoring licensee or excepted person.

(b) Licensed activity exceptions.--

(1) A mortgage lender may:

(i) Act as a mortgage broker without a separate mortgage broker license.

(ii) Act as a mortgage servicer without a separate mortgage servicer license for mortgage loans the mortgage lender has originated, negotiated and owns.

(2) Deleted by 2022, Feb. 3, P.L. 24, No. 8, § 2, effective in 60 days [April 4, 2022].

(3) A person licensed as a mortgage broker may only perform the services of a mortgage broker.

(4) A person only licensed as a mortgage servicer may only perform the services of a mortgage servicer.

(c) Loans for business or commercial purposes.--This chapter shall not apply to mortgage loans made for business or commercial purposes.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 Pa.C.S.A. Banks and Banking § 6111. License requirements - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-pacsa-banks-and-banking/pa-csa-sect-7-6111/

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