Pennsylvania Sponsor of Mortgage Originators Bond
Any entity including a mortgage broker, mortgage lender, partially exempt mortgage company or mortgage consumer discount company that sponsors mortgage loan originators must obtain a Sponsor of Mortgage Originators surety bond. The required bond amount depends on the annual amount of residential mortgage loans originated by the sponsored originators in PA.
| Annual Originator Volume | Bond Amount | Annual Premium |
| $0- $29,999,999 | $100,000 | $600 |
| $30,000,000- $99,999,999 | $200,000 | $1,200 |
| $100,000,000- $249,999,999 | $300,000 | $1,800 |
| Exceeds $250,000,000 | $500,000 | $3,000 |
Overview
Pennsylvania mortgage brokers are required to maintain a surety bond for $50,000 to $500,000 by the Pennsylvania Department of Banking and Securities. This bond is issued for one year and requires renewal. The NNA has secured a rate of $6 per $1,000 in liability for all Pennsylvania mortgage brokers without a credit check.
This bond is a financial safeguard, protecting clients and the state from any financial harm caused by the mortgage licensee.