(a) General rule.--Except as provided under subsections (b) and (c) and section 6112 (relating to exceptions to license requirements), on and after the effective date of this section, no person shall engage in the mortgage loan business in this Commonwealth without being licensed as a mortgage broker, mortgage lender, mortgage servicer, mortgage loan correspondent or mortgage originator as provided under this chapter. A mortgage originator may not engage in the mortgage loan business unless the mortgage originator is sponsored in the Nationwide Mortgage Licensing System and Registry by a licensed mortgage broker, mortgage lender, mortgage servicer or mortgage loan correspondent, person excepted from this chapter or person excepted from licensure under section 6112 and is under the direct supervision and control of the sponsoring licensee or excepted person.
(b) Licensed activity exceptions.--
(1) A mortgage lender may:
(i) Act as a mortgage broker or mortgage loan correspondent without a separate mortgage broker or mortgage loan correspondent license.
(ii) Act as a mortgage servicer without a separate mortgage servicer license for mortgage loans the mortgage lender has originated, negotiated and owns.
(2) A mortgage loan correspondent may act as a mortgage broker without a separate mortgage broker license.
(3) A person licensed as a mortgage broker may only perform the services of a mortgage broker.
(4) A person only licensed as a mortgage servicer may only perform the services of a mortgage servicer.
(c) Loans for business or commercial purposes.--This chapter shall not apply to mortgage loans made for business or commercial purposes.
(Aug. 5, 2009, P.L.117, No.31, eff. imd.; July 2, 2013, P.L.210, No.38, eff. 60 days; Dec. 22, 2017, P.L.1260, No.81)
2017 Amendment. Act 81 amended subsecs. (a) and (b). Section 9(2) of Act 81 provided that the amendment of section 6111 shall take effect upon the effective date of regulations promulgated under section 6141 of this title.
Cross References. Section 6111 is referred to in section 7331 of Title 18 (Crimes and Offenses).