A
mortgage broker license is required for an entity conducting loan originator
activities through one or more licensed loan originators employed by the
mortgage broker or as independent contractors to the mortgage broker.
Who does not need a mortgage license?
· A
person acting in a fiduciary capacity conferred by the authority of a court.
· A
person who, as a seller of his or her own real property, receives one or more
mortgages in a purchase money transaction.
· A
person who acts solely under contract and as an agent for federal, state, or
municipal agencies for the purpose of servicing mortgage loans.
· A
person who makes only nonresidential mortgage loans and sells loans only to
institutional investors. ·
An individual making or acquiring a mortgage loan using his or her own funds
for his or her own investment, and who does not hold himself or herself out to
the public as being in the mortgage lending business.
· An individual selling a
mortgage that was made or purchased with that individual's funds for his or her
own investment, and who does not hold himself or herself out to the public as
being in the mortgage lending business.
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