New Mortgage Broker applicant and sponsorship ambiguity

[Jetset]

Hello folks,

I’m new here and I have searched for my answers before my asking.

I am a new applicant. I want to obtain my Mortgage Broker’s License. I’m currently a licensed RE agent and Life and Health insurance producer and reside in Pennsylvania.

My questions are:
1) Do I have to be sponsored BEFORE I sit for the exam? If this isn’t so, then why does the MU4 application, in section 3, contain a check box asking for my sponsor to sign off?

2) Do I have to be employed at this sponsor before I can sit for the exam?

3)If the answer to #2 is “No” then how does an applicant: “…demonstrate to the department, that procedures are in place to process consumers inquiries promptly and fairly.”? UNLESS, I’m employed at a firm as a captive? Perhaps another test of some kind? Thereby not obligating the applicant to locate employment at a firm before they sit for the exam?

I see lots of indies on here but did you have to be employed at your sponsor's firm before you sat for the exam?

I can't quit my day gig is what I’m saying...

Thanks in advance…

-Jetset

[Jetset]

This is how to do it if anyone wants to know, at least in my state. If you finally get someone on the phone from The Dept. of Banking, here's what they'll say:

Get the pre-licensing education (20hrs, 3 hrs state specific in Pa) completed.
Pass Broker's Exam
Fill out Broker's License app.
Fill out Mortgage Originator's app (a different one from the one above)
(You're going to need both if you want to sponsor yourself. Sec. 3 of MU4 app.)
Obtain your background check from the Feds (only good for 90 days)
Research on the Dept. of State's website and obtain a ficticious name for your
company, and if it's not taken, send it in to two local
newspapers. -some newspapers the Dept. of State will recommend because they
must be local. Then register your company name with the Dept. of State.

Send in all paperwork including your ficticious name registration to the State, to the Dept. of Banking -(call your rep, they do exist). Background check from the Feds. Proof of passing scores on the exam. The money order for the app. fee.

If all is in order (such as money and background paperwork hasn't expired),
You will be licensed as a Mortgage Broker as of that minute.

You can then work p/t for anyone or any entity looking for Originators or Brokers.

There are many Real Estate agents who have their Mortgage Broker's license and
they work p/t to supplement their income. -which is what my entire point was from
the beginning.


-Jetset