​​​​​​​This course is designed to prepare candidates to take the exam to become a state-licensed mortgage loan originator in Pennsylvania under the Pennsylvania Department of Banking and Securities (DoBS). This 3-hour course covers state-specific rules and regulations, and is required as part of the 20 hours of prelicensure education needed to become a Pennsylvania licensed mortgage loan originator.

Topics and Learning Objectives

This course consists of five modules and a final exam:

1. Pennsylvania Department of Banking and Securities (8 minutes)

2. PA Law and Regulations Definitions (20 minutes)

3. License Law and Regulations (22 minutes)

4. Compliance (70 minutes)

5. Disciplinary Action (10 minutes)

6. Final Exam (20 minutes)

Total study time: 3 credit hours (150 minutes)

Module 1: Pennsylvania Department of Banking and Securities (DoBS)

This module will discuss the Pennsylvania Department of Banking and Securities (DoBS). This state department located at the capital in Harrisburg is responsible for examining, licensing, regulating, and investigating the brokers, lenders, loan correspondents, and originators covered under the Pennsylvania Mortgage Licensing Act (7 Pa. CS. §6101 - 6154).

Module 2: PA Law and Regulation Definitions

In this module we'll review definitions that are important to understanding the laws, rules, and statutes that govern mortgage operations throughout the state. Some of the important definitions concern people and their roles in the mortgage loan industry. Other key terms define mortgage loan business concepts and actions.

Module 3: License Law and Regulations

This module will explain who is required to have a license in Pennsylvania, what the specific requirements for licensure are, why an application for licensure may be denied, and how to maintain a license.

Module 4: Compliance

This module will discuss what Pennsylvania licensees must do to stay in compliance with regulations. Maintaining compliance with Pennsylvania mortgage lending requirements will ensure your license does not run afoul with the DoBS or the Commission of Banking and Securities.

Module 5: Disciplinary Action

This module will cover disciplinary actions regarding Pennsylvania mortgage licenses. The DoBS maintains authority over the licenses they issue, allowing them to investigate, suspend, revoke, and impose civil fine against licensees who are found to have violated Pennsylvania mortgage lending laws.

NMLS ID Required

You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.

If you already have an NMLS ID, but don't remember what it is:

• Login into NMLS,
• Click on the Composite View tab, then
• Click View Individual on the sub-header row.
• The number that appears in parentheses after your name is your NMLS ID number.

If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center