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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.
You need a mortgage lender license to do this here in PA.
Here is reference to the licensure process.
This license is required of any business entity who engages in the mortgage loan business by directly or indirectly negotiating or placing loans for others in the primary market for consideration.
In 2008, the Pennsylvania legislature passed the Mortgage Licensing Act (the “Act”), which was subsequently amended in 2009 and 2010. The Act prohibits individuals and entities from engaging in the residential mortgage loan business without being licensed under the Act. This means that individuals or entities cannot make loans and take back mortgages on residential real estate (real property upon which is constructed or intended to be constructed as a dwelling), unless the lender obtains a mortgage lender license. Violations of the Act may result in fines up to $10,000 for each offense.
The Act includes certain limited exceptions to this general prohibition, most notably, an exception permitting an individual to lend money to a member of the lender’s immediate family and take back a residential mortgage. “Immediate Family” is defined under the Act as a parent, spouse, child, brother or sister (but does not include other family members, including grandparents and grandchildren). It is important to note that the Act does not apply to loans for business or commercial purposes or properties.
You would fall under this law and you will need to apply for a mortgage lender license here.
I appreciate the chance to help you today.Thanks again.
Apply here for the license you need
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