Mortgage Licensing Act Examination Guidance
Mortgage Lenders, Brokers, Loan Correspondents, Loan Originators and Mortgage Consumer Discount Companies
Mortgage lenders directly or indirectly originate and close mortgage loans with their own funds in the primary market for consideration. Mortgage brokers directly or indirectly negotiate or place mortgage loans for others in the primary market for consideration.
Mortgage loan correspondents directly or indirectly originate and close mortgage loans in their own names utilizing funds provided by a wholesale table funder or other funding source and simultaneously assign the loans to the wholesale table funder. Mortgage consumer discount companies are consumer lenders that engage in mortgage lending.
Mortgage originators are individuals who take mortgage loan applications or offer or negotiate terms of mortgage loans for compensation or gain.
Notice Regarding Mortgage Licensing Act Licensee Record Retention Period
6135(a)(2)) provides that all Mortgage Licensing Act licensee records ''shall be preserved and kept available for investigation or examination by the department for a period determined by the department.'' The Department of Banking has determined that Section 6135(a)(2) of the Mortgage Licensing Act (7 Pa.C.S. § the period for preserving records by licensees is a minimum of four (4) years. The Department reserves the right to require a licensee to preserve records for a longer period if circumstances should warrant.
Mortgage Licensing Act
Relating to mortgage loan industry licensing and consumer protection.
Includes summary of the new, amended Mortgage Licensing Act (MLA) as well as technical information regarding the licensing requirements for mortgage originators and mortgage companies.
Education Provider Letter
Technical information regarding the education requirements for mortgage originators and mortgage companies.