(File Photo of a Dollar Sign)

Noah Haswell, Beaver County Radio News

(Harrisburg, PA) According to a release from the Pennsylvania Department of Banking and Securities, Governor Josh Shapiro signed House Bill 1103 into law this week. This act amends the Mortgage Licensing Act known presently as Act 16 of 2025. This bill will go into effect in 60 days from July 2nd. This bill will also make a clarification that the collection of discount points may happen on first and secondary loans of mortgage made by non-bank mortgage lenders. The Pennsylvania Department of Banking and Securities license those lenders. The Mortgage Licensing Act gives a license to mortgage companies and mortgage originators and regulates theservicing activity and origination for people in Pennsylvania. Under the law which will be amended, the monthly payment for borrrowers will help to be reduced by the interest rate for borrowers being bought down on their first and second mortgage loans.