HARRISBURG – Rep. Rob Mercuri (R-Allegheny) announced today his bill to allow for remote mortgage origination to continue and allow Pennsylvania’s mortgage brokers to continue working as they are now, whether remotely or in a licensed location, overwhelmingly passed the House of Representatives.
Under current law, mortgage brokers are required to work out of a licensed location. However, during the pandemic, Gov. Tom Wolf issued emergency orders waiving the requirement to work from a licensed location to conduct business.
“This Remote Mortgage Banking Bill, or House Bill 1588
, updates Pennsylvania’s Banking Code to no longer restrict mortgage operations to within 100 miles of the physical branch location,” said Mercuri. “The home lending market would open up across the Commonwealth.”
Mercuri acknowledged the bill looks to keep parts of the pandemic waiver program permanent, which will help businesses become more competitive and will give consumers more access.
“Doing what’s best for Pennsylvania consumers and the industry is what’s best for the Commonwealth,” Mercuri said. “We will modernize and open up the home lending market in Pennsylvania to remote work. Done well with common sense guidelines and protections, this will benefit Pennsylvania’s economy.”
To view Rep. Mercuri’s remarks from the House Floor, click the link here
The bill now heads to the Senate for consideration.
Representative Robert Mercuri
28th Legislative District
Pennsylvania House of Representatives
Media Contact: Nate Temple