Jan. 21, 2022
HARRISBURG – Rep. Rob Mercuri (R-Allegheny) announced his bill, which would modernize Pennsylvania’s Banking Code to no longer restrict mortgage originations to within 100 miles of physical branch locations, unanimously passed the Senate Wednesday.
Under current law, mortgage brokers are required to work out of a licensed physical location. During the pandemic, Gov. Tom Wolf issued emergency orders waiving the requirement to work from a licensed location to conduct business.
Mercuri said convenience for employers and consumers is the driving factor in seeking for this portion of the pandemic waiver program to become permanent.
“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. “Nearly half of the Commonwealth citizens live in areas where there is not a readily accessible physical branch location to originate their home loan.
“As our economy and business practices change with the times, our laws and regulations must adapt and change as well,” Mercuri said. “This will allow Pennsylvania to not only continue to grow, but it will make our business environment more competitive and more efficient. I would like to thank my colleagues in both chambers for joining me in support of this critical legislation.”
The bill now heads back to the House for concurrence.