What Is A Mortgage Broker?

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Q. What Is A Mortgage Broker

A. 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).

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