PA Amends Mortgage Licensing Act Allowing Remote Business

Recently, signed into law and effective immediately, PA H.B. 1588 amended Title 7 of the Pennsylvania Consolidated Statutes to allow mortgage lenders, among other matters, to conduct business remotely.  The bill included language defining a “remote location,” and the various conditions required for licensees or employees of licensees to conduct business remotely. 

In addition to allowing remote business, the bill also:

• Provides for enhanced initial application fees and enhanced renewal fees to be charged when there is a 20% reduction in branch licenses or renewals in a calendar year;
• Adds clarifying language that state non-bank servicing regulations do not apply to reverse mortgage loans, time shares and companies or persons exempt from licensure;
• Allows licensees that comply with CFPB requirements related to lock-in agreements (12 CFR 1026.37) to satisfy the requirements of the Act; and
• Removes the licensing category of “mortgage loan correspondent.”