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, passed the House Commerce Committee.
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. “It will modernize and open up the home lending market in Pennsylvania to remote work across the Commonwealth.”
Mercuri said the goal is to make parts of the pandemic waiver program permanent because it will help businesses and consumers in the long term.
“It also improves the working environment for mortgage brokers and consumers borrowing to fund their homes, making Pennsylvania a more competitive place to do business and a better place to purchase a home,” Mercuri said.
The bill now heads to the House of Representatives for consideration.
Representative Robert Mercuri
28th Legislative District
Pennsylvania House of Representatives
Media Contact: Nate Temple