PA MORTGAGE PRE-LICENSE REQUIREMENTS
Aug 30, 2009
The Pennsylvania Department of Banking has completed the transition into the Nationwide Mortgage Licensing System (NMLS). All Mortgage Originator licencees must complete 20 hours of pre-licensing and pass the national and state tests by December 31, 2009 in order to have license renewed for 2010.
Any individual who originates mortgage loans must obtain a mortgage originator license and complete the course and tests. This includes currently licensed mortgage brokers, mortgage lenders and loan correspondents.
The Department of Banking requires 3 hours of the total of 20 hours be devoted to Pennsylvania mortgage laws. Therefore, a Pennsylvania mortgage originator licensee will need to take a 20 hour course that includes a PA mortgage law component. If a licensee were to take a 20 hour course that does not include this information then he/she will need to take a separate three (3) hour Pennsylvania mortgage law only course in order to have met the requirement for license renewal.
Pennsylvania licensees will be required to take a national test consisting of 100 questions and a Pennsylvania component test consisting of 55 questions. A grade of 75% or better is required to pass each test. If a test is not passed the licensee must wait 30 days to re-take the test. All tests must be passed by 12/31/2009 for 2010 license renewal. Tests may be taken before the 20 hours of pre-licensing is complete.