Regulatory Alerts2002-01-17
Added · Updated
Licensing Requirement for Wholesale Account Representatives
The Pennsylvania Department of Banking determined that wholesale account executives soliciting mortgage loans from brokers on behalf of a licensed lender must be licensed as a branch of that company. This licensing requirement applies regardless of whether the executives operate from a residential location, provided they engage in solicitation activities under the MBBCEPA and SMLA. The Department clarified that if the executives were not employees, they would individually require licensure as mortgage or secondary mortgage loan brokers.
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