Be A Mortgage Broker
What's A Mortgage Broker
Under the state of FL the following applies:
Mortgage Broker: An individual person who acts as an associate for either a
licensed mortgage broker business or any licensed lender. A licensed
mortgage broker is authorized to solicit mortgage loans on behalf of a
borrower, to accept an application, and to negotiate terms and conditions
of a mortgage loan on behalf of a lender.
The *primary* difference between an *unlicensed* loan officer and a
*licensed* mortgage broker is that a mortgage broker can "negotiate terms
and conditions of a mortgage loan on behalf of a lender" - a loan officer
who is *not* a licensed mortgage broker cannot legally execute the
aforementioned duties.
By definition, a *licensed* mortgage broker *is* a loan officer.
It is also worth noting that some Loan Agents (to use an ambiguous
term) do not work for a Brokerage, or for a Broker, but instead work
for a Direct Lender. In this case it would be a misnomer to call the
Agent a Mortgage Broker because the do not *broker* loans. In this case
you may certainly come across an individual who considers themselves a
Loan Officer, Mortgage Consultant or any number of other creative
titles. In most cases these Agents are indeed licensed (although not
always).
This is regarding California. I do not know if it applies elsewhere.