A Mortgage Broker is a corporation, partnership, limited liability company (LLC) or individual who, on behalf of a loan applicant or an investor (a mortgagee or a land contract vendor), and for commission, money, or other thing of value, finds a loan or negotiates a land contract, mortgage broker licensing, or commitment for a loan, or engages in table funding.

"Negotiate" means to discuss, explain or present the terms and conditions of a loan or land contract with or to a loan applicant (does not include making an underwriting decision on a loan).

"Finds a loan" means to assist a loan applicant in locating a lender with mortgage broker licensing for the purpose of obtaining a loan for the applicant and to make arrangements for a loan applicant to obtain a loan.

"Table funding" means a transaction in which a person conducts a loan closing in the person’s name with funds provided by a third party and the person assigns the loan to the third party within 24 hours of the loan closing.

"Originate" means to make an underwriting decision on a loan and close a loan.

A Mortgage Banker is a corporation, partnership, limited liability company (LLC) or individual who either originates loans for another person or for itself as payee on the note, sells loans or interests in loans to another person, services loans or land contracts, or provides escrow services. Get mortgage licenses - Mortgage Broker License Requirements and learn what it takes to become a mortgage broker in all 50 states including mortgage license requirements and websites to visit for more information. Mortgage Broker License and what is required to get mortgage licenses. Mortgage License Mall mortgage license, mortgage lender banker, home equity loans, home improvement loans, purchase money mortgages, and mortgage refinance.

A Loan Originator is an individual who, on behalf of a mortgage banker or mortgage broker, finds a loan or negotiates a land contract, loan, or commitment for a loan. For Loan Solicitor information, see legislation changes (PDF: 4,328 KB / 78 pages). Any individual, including an officer, W-9 subcontractor employee, or a W-2 hourly or salaried employee, who performs such activities on behalf of a mortgage banker or mortgage broker, must be licensed as a loan originator.