The mortgage industry is now subject to new, national regulations that require all mortgage loan originators and brokers to be listed on a national registry as well as meet state licensing guidelines. This is all a result of the S.A.F.E. Act of 2008 .
In Pennsylvania this means that mortgage loan originators are subject to the Nationwide Mortgage Licensing System, aka NMLS, as well as state authorities. Pennsylvania mortgage continuing education is required by the state and can be achieved through various educational programs. Starting this year, education requirements will also have to be reported to NMLS. Mortgage loan originators must complete 20 hours of education before obtaining their first license and 8 hours of continuing education to a renew a license. Additional requirements include a criminal background check, a credit check, and tax certification.
Loan originators for residential mortgages who operate without a valid license in Pennsylvania are subject to fines. Licensing is overseen by the Commission of Banks, which maintains the statewide register. Individuals who work in mortgage offices but are responsible for clerical and administrative tasks are not required to obtain licenses or register with the state or NMLS.