This surety bond is required under 7 Pa. C.S. Chapter 61 Act of July 8, 2008 (p.L. 796, No. 56). This bond is required by the Pennsylvania Department of Banking to protect customers against dishonest lending practices, including:
• Knowingly approving the borrower for a loan for more than they can afford to repay
• Encouraging the buyer to use fraud during the application process
• Pressuring buyers into specific loan products, including high-risk loans or loans with higher interest rates
• Establishing an interest rate on the basis of anything other than the borrower’s credit history
• Charging additional or unnecessary fees
• Deliberately targeting at-risk buyers and suggesting cash-out refinance
The required bond amount is $100,000. To determine the cost of this bond, complete our easy online application.
To Attain a Pennsylvania Mortgage Broker Surety Bond:
- Complete an online application.
- One of our expert commercial surety agents will call and email you with the firm quote and an agreement to sign.
- Provide payment and your signed agreement, then you will receive your bond!
** all bonds are subject to the underwriting terms and conditions of the issuing company.