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Mortgage Net Branch Pennsylvania
Is Pennsylvania a Good State for Mortgage Net Branches?
Yes. Pennsylvania is one of the states in which a fairly good expansion in this area is being noted. So, if you've been considering looking into net branch opportunities, Pennsylvania is a good place to look.
There's also another advantage to considering Pennsylvania as a place to start a net branch or take a mortgage company up on its offer to participate in a net branch opportunity. Pennsylvania will grant licenses to both 1st and 2nd mortgages, provided the applications are approved, of course. Many states do not permit 2nd mortgage brokers to even apply for a license to operate as a mortgage broker in their specific state.
The qualifications for eligibility to apply for a1st or 2nd mortgage broker license are very similar. The only exception is that, although no experience is required for either area, a 1st broker will have to undergo a review. If you are knowledgeable in the mortgage field, this should not be a problem for you.
Pennsylvania also offers other advantages for mortgage brokers. One of them is that the state license fee is only $500. This is about average for mortgage broker application fees, but there are some higher ones, so consider yourself lucky to want to work in Pennsylvania.
Pennsylvania also does not require a surety bond at this time. Other states do, and some of these can be for as much as $50,000. The higher a surety bond is, the more it costs to procure one, so this is another area in which you save money and one more reason to open a mortgage net branch in Pennsylvania.