Listing of Mortgage Broker Definitions

Transcription

1 State Definition Citation Text ALABAMA MORTGAGE BROKERS LICENSING ACT Mortgage broker means any person who directly or indirectly solicits, Ala. Code (9) processes, places, or negotiates mortgage loans for a borrower, or offers to solicit, process, place, or negotiate mortgage loans for a borrower. ALASKA SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT Mortgage broker means a person who, for Alaska Stat (18) compensation or gain, or in the expectation of compensation or gain, directly or indirectly, by telephone, by electronic means, by mail, through the Internet, in person, or by the person itself or a mortgage loan originator who is an employee or under exclusive contract to the person: (1) arranges with a variety of lending sources, who may be private lenders, institutional investors, or wholesale lenders, to provide financing for mortgage loans; or (2) assists or offers to assist a borrower or potential borrower to obtain financing for mortgage loans. ARIZONA ARKANSAS CALIFORNIA COLORADO CONNECTICUT DELAWARE DISTRICT OF COLUMBIA FEDERAL FLORIDA MORTGAGE BROKERS STATUTE Mortgage broker means a person who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates or offers to make or negotiate a mortgage loan. Ariz. Rev. Stat. Ann FAIR MORTGAGE LENDING ACT Mortgage broker means a person who for compensation or other gain and, Ark. Code Ann regardless of whether the acts are done directly or indirectly, through contact by telephone, by electronic means 502(15) by mail, or in person with borrower or potential borrowers: (1) accepts or offers to accept an application for a mortgage loan; (2) solicits or offers to solicit an application for a mortgage loan; (3) negotiates or offers to negotiate the terms or conditions of a mortgage loan; or (4) issues or offers to issue mortgage loan commitments or interest rate guarantee agreements to borrowers. FINANCE LENDER LAW "Broker" includes any person who is engaged in the business of negotiating or Cal. Fin. Code performing any act as broker in connection with loans made by a finance lender. REAL ESTATE LAW "Broker," when used without modification, refers to a person licensed as a broker under any Cal. Bus. & Prof. Code of the provisions of the Real Estate Law RESIDENTIAL MORTGAGE LENDING ACT Does not specifically define a mortgage broker or services typically provided by a mortgage broker under the Residential Mortgage Lending Act. MORTGAGE LOAN ORIGINATOR LICENSING AND MORTGAGE COMPANY REGISTRATION ACT Defines a mortgage Colo. Rev. Stat. Ann. 12 broker under the definition of mortgage company under the Mortgage Loan Originator Licensing and Mortgage (5) Company Registration Act. Mortgage Company means a person other than an individual, who, through employees or other individuals, takes residential loan applications or offers or negotiates terms of a residential mortgage loan. NONDEPOSITORY MORTGAGE LENDERS AND BROKERS ACT Mortgage broker means a person who for compensation or gain with the expectation of compensation or gain takes a residential mortgage loan application; or offers or negotiates terms of a residential mortgage loan; and is not the prospective source of the funds for the residential mortgage loan. Mortgage broker does not include an individual who is licensed as mortgage loan originator acting as a mortgage loan originator on behalf of the mortgage loan originator s sponsoring mortgage lender, mortgage correspondent lender, mortgage broker or exempt registrant; or an individual exempt from mortgage loan originator licensing Conn. Gen. Stat. Ann (b). Conn. Gen. Stat. Ann. 36a 485(15) MORTGAGE LOAN BROKERS ACT Mortgage loan broker means a person who: (1) in the ordinary course of Del. Code Ann. tit. 5, business, for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, 2101(5) negotiates or offers to negotiate, or arranges or solicits, or offers to arrange or solicit, a mortgage loan on behalf of a borrower; (2) holds himself or herself out as being able to serve as an agent for any person in an attempt to obtain a mortgage loan; or (3) holds himself or herself out as being able to serve as an agent or independent contractor to negotiate the terms or conditions of a mortgage loan on behalf of a lender (but who is not a person employed as an employee or agent of the lender). MORTGAGE LENDERS AND BROKERS ACT Mortgage broker means any person who, for compensation or gain, D.C. Code Ann. 26 or in the expectation of compensation or gain, either directly or indirectly accepts or offers to accept an 1101(10) application for a mortgage loan, solicits or offers to solicit a mortgage loan on behalf of a borrower, or negotiates or offers to negotiate the terms and conditions of a mortgage loan on behalf of a lender. Mortgage dual authority or dual capacity is a license required for any sole proprietorship or entity that engages in mortgage lending and mortgage brokering activity involving residential property in the District of Columbia (Source: NMLS). REGULATION B The typical services offered by a mortgage broker are defined under the definition of creditor. " REG B (12 CFR (l)) The term creditor also includes a person who, in the ordinary course of business, regularly refers applicants or prospective applicants to creditors, or selects or offers to select creditors to whom requests for credit may be made." See definition of Lender under ECOA. REGULATION X Mortgage broker means a person (not an employee of a lender) or entity that renders REG X (12 CFR (b)) origination services and serves as an intermediary between a borrower and a lender in a transaction involving a federally related mortgage loan, including such a person or entity that closes the loan in its own name in a table funded transaction. A loan correspondent approved for Federal Housing Administration programs are considered a mortgage broker for purposes of this part. MORTGAGE BROKERAGE AND LENDING ACT Mortgage broker means a person conducting loan originator activities through one or more licensed loan originators employed by the mortgage broker or as independent contractors to the mortgage broker. Fla. Stat. Ann (21)

2 GEORGIA HAWAII IDAHO ILLINOIS INDIANA RESIDENTIAL MORTGAGE ACT Mortgage broker means any person who directly or indirectly solicits, processes, places or negotiates mortgage loans for others, or who offers to solicit, process, place, or negotiate mortgage loans for others or who closes mortgage loans which may be in the broker's own name with funds provided by others and which loans are assigned within 24 hours of the funding of the loans to the mortgage lenders providing the funding. SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT Hawaii does not differentiate between a mortgage broker and mortgage lender under the definition of a mortgage loan originator company. See definition under Lender. RESIDENTIAL MORTGAGE PRACTICES ACT Mortgage broker means any nonexempt organization that performs mortgage broker activities with respect to a residential mortgage loan. Mortgage brokering activities means for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly: (1) accepting or offering to accept an application for a residential mortgage loan; (2) assisting or offering to assist in the preparation of an application for a residential mortgage loan on behalf of a borrower; (3) negotiating or offering to negotiate the terms or conditions of a residential mortgage loan with any person making residential mortgage loans; or (4) engaging in loan modification activities on behalf of a borrower. RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 Loan brokering, brokering, or brokerage service means the act of helping a borrower to obtain from another entity a loan secured by residential real estate located in Illinois or assisting a borrower in obtaining a loan secured by residential real estate situated in Illinois in return for consideration to be paid by either the borrower or the lender. This includes, but is not limited to, contracting for the delivery of residential mortgage loans to a third party lender and soliciting, processing, placing, or negotiating residential mortgage loans. Georgia Code Ann Haw. Rev. Stat. Ann. 454F 1 Idaho Code Ill. Comp. Stat. Ann. 635/1 4 LOAN BROKERS ACT Loan broker means any person who, in return for any consideration from any source Ind. Code Ann procures, attempts to procure or assists in procuring a residential mortgage loan from a third party or any other 3(c) person whether or not the person seeking the loan actually obtains the loan. Loan broker does not include: (1) any supervised financial organization (as defined in Ind. Code Ann ), including a bank, savings bank, trust company, savings association, or credit union; (2) any other financial institution that is: (A) regulated by any agency of the United States or any state; and (B) regularly actively engaged in the business of making consumer loans that are not secured by real estate or taking assignment of consumer sales contracts that are not secured by real estate. A loan broker includes a company that utilizes the Internet to collect information from potential borrowers and submits that information to lenders for the purpose of considering whether the lender wishes to make a loan to the potential borrower or borrowers (Ind. Admin. Code tit. 710, (a)). IOWA KANSAS MORTGAGE BANKERS AND BROKERS ACT Mortgage broker means a person who arranges or negotiates, or attempts to arrange or negotiate, at least 4 mortgage loans or commitments for 4 or more loans on residential real property located in Iowa in a calendar year. LOAN BROKER ACT Loan broker means any person who, in return for a fee from any person, promises to procure a loan for any person or assist any person in procuring a loan from any third party, or who promises to consider whether or not to make a loan to any person. Loan means any agreement to advance money or property in return for the promise to make payments for the money or property. Iowa Code Ann. 535B.1(5) Kan. Stat. Ann KENTUCKY LOUISIANA MAINE MARYLAND MASSACHUSETTS MICHIGAN MORTGAGE LICENSING AND REGULATION ACT Mortgage loan broker means any person who for Ky. Rev. Stat. Ann compensation or gain, or in the expectation of compensation or other gain, received directly or indirectly, serves 010(19) as an agent for any borrower in an attempt to obtain a mortgage loan, or holds oneself out as being able to do so. SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT Mortgage broker means any person who, La Rev. Stat. Ann. directly or indirectly, for compensation or the expectation of compensation, negotiates, places, or finds, or offers 6:1083(8) to negotiate, place, or find a residential mortgage loan for another person. Mortgage broker includes: (1) an approved Federal Housing Administration loan correspondent; and (2) a residential mortgage lender who closes a residential mortgage loan in the lender's own name but for whom the funding for the loan is provided by a third party lender in a process known as table funding. CONSUMER CREDIT LOAN BROKERS A loan broker is any person who, with respect to the extension of consumer credit by others, provides or offers to provide, in return for the separate payment of money or other valuable consideration, any of the following services: (1) improving a consumer's credit record, history or rating; (2) arranging for or obtaining an extension of credit for a consumer; or (3) providing advice or assistance to a consumer with respect to item (1) or (2). MORTGAGE LENDER LAW Mortgage broker means a person who, for a fee or other consideration received, directly or indirectly, aids or assists a borrower in obtaining a mortgage loan, and who is not named as a lender in the agreement, note, deed of trust, or other evidence of indebtedness. MORTGAGE LENDER AND BROKER LAWS Mortgage broker means any person who for compensation or gain, or in the expectation of compensation or gain, directly or indirectly negotiates, places, assists in placement, finds or offers to negotiate, place, assist in placement or find mortgage loans on residential property for others. MORTGAGE BROKERS, LENDERS AND SERVICERS LICENSING ACT Mortgage broker means a person who, directly or indirectly, does 1 or both of the following: (1) serves or offers to serve as an agent for a person in an attempt to obtain a mortgage loan; or (2) serves or offers to serve as an agent for a person who makes or offers to make mortgage loans. Me. Rev. Stat. Ann. tit. 9 A, (1) Md. Code Ann., Fin. Inst Mass. Gen. Laws Ann. ch. 255E, 1 Mich. Comp. Laws Ann a

3 SECONDARY MORTGAGE LOAN ACT Broker means a person who, directly or indirectly, does 1 or both of the Mich. Comp. Laws Ann. following: (1) serves or offers to serve as an agent for a person attempting to obtain a secondary mortgage loan; or (2) serves or offers to serve as an agent for a person who makes or offers to make a secondary mortgage loan. MINNESOTA MISSISSIPPI MISSOURI MONTANA NEBRASKA RESIDENTIAL MORTGAGE ORIGINATOR AND SERVICER LICENSING ACT Defines a mortgage broker under the Minn. Stat. Ann. definition of residential mortgage originator under the Residential Mortgage Originator and Servicer Licensing 58.02(19) Act. Residential mortgage originator means a person who, directly or indirectly, for compensation or gain or in expectation of compensation or gain, solicits or offers to solicit, or accepts or offers to accept an application for a residential mortgage loan through any medium or mode of communication from a borrower, or makes a residential mortgage loan. Residential mortgage originator includes a lender and a broker. S.A.F.E. MORTGAGE LICENSING ACT Mortgage broker means any person who directly or indirectly or by electronic activity solicits, places or negotiates mortgage loans for others, or offers to solicit, place or negotiates residential mortgage loans for others and who does not close residential mortgage loans in the company name, does not use its own funds, or who closes residential mortgage loans in the name of the company, and sells, assigns or transfers the loan to others within 48 hours of closing. SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT Loan brokering, mortgage brokering or mortgage brokerage service means the act of helping to obtain for an investor or from an investor for a borrower, a residential mortgage loan secured by real estate situated in Missouri or assisting an investor or a borrower in obtaining a residential mortgage loan secured by real estate situated in Missouri in return for consideration. Residential mortgage loan broker means any person, other than an exempt person, engaged in the business of brokering, funding, servicing, or purchasing residential mortgage loans. Miss. Code Ann (v) Mo. Rev. Stat. Ann MORTGAGE ACT Mortgage broker means an entity that obtains, attempts to obtain, or assists in obtaining a Mont. Code Ann mortgage loan for a borrower from a mortgage lender in return for consideration or in anticipation of 103 & Mont. Admin. R. consideration. Attempting to or assisting in obtaining a mortgage loan includes referring a borrower to a mortgage lender or mortgage broker, soliciting or offering to solicit a mortgage loan on behalf of a borrower, or negotiating or offering to negotiate the terms or conditions of a mortgage loan with a mortgage lender on behalf of a borrower. Table funding means the closing of a loan naming a mortgage broker, a mortgage broker's business entity or a loan originator as the lender on the mortgage loan note, which note is then sold within 3 business days of closing to another party. RESIDENTIAL MORTGAGE LICENSING ACT In Nebraska, the term mortgage banker includes mortgage lenders, mortgage brokers and mortgage servicers. Mortgage banker means any who, for compensation or gain or in the expectation of compensation or gain, directly or indirectly makes, originates, services, negotiates, acquires, sells, arranges for, or offers to make, originate, service, negotiate, acquire, sell, or arrange for a residential mortgage loan. Mortgage banker does not include: (1) a person exempt under the NRMLA; (2) an individual who is a loan processor or underwriter; or (3) an individual who is licensed in Nebraska as a mortgage loan originator. Neb. Rev. Stat (15) NEVADA MORTGAGE BROKER ACT Mortgage broker means a person who, directly or indirectly: (1) holds himself or herself out for hire to serve as an agent for any person in an attempt to obtain a loan which will be secured by a lien on real property; (2) holds himself or herself out as being for hire to serve as an agent for any person who has money to lend, if the loan is or will be secured by a lien on real property; (3) holds himself or herself out as being able to make loans secured by liens on real property; (4) holds himself or herself out as being able to buy or sell notes secured by liens on real property; or (5) offers for sale in Nevada any security which is exempt from registration under state or federal law and purports to make investments in promissory notes secured by liens on real property. Mortgage broker does not include a licensed mortgage banker unless the person is also licensed as a mortgage broker under the Mortgage Broker Act. Nev. Rev. Stat. 645B.0127 NEW HAMPSHIRE NEW JERSEY NEW MEXICO NONDEPOSITORY MORTGAGE BANKERS AND BROKERS ACT Mortgage broker means a person who for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly: (1) acts or offers to act as an intermediary, finder, or agent of a lender or borrower for the purpose of negotiating, arranging, finding or procuring mortgage loans or commitments for mortgage loans; (2) offers to serve as an agent of any person in an attempt to obtain a mortgage loan; or (3) offers to serve as an agent for any person who has money to lend for a mortgage loan. RESIDENTIAL MORTGAGE LENDING ACT Residential mortgage broker means any person, who for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly: (A) takes a residential mortgage loan application for others, or negotiates, places or sells for others; or (B) offers to take an application for, negotiate, place or sell, residential mortgage loans in the primary market for others. Residential mortgage broker includes an individual who is a qualified individual for a residential mortgage broker. N.H. Rev. Stat. Ann. 397 A:1(XIII) N.J. Admin. Code tit. 3, MORTGAGE LOAN COMPANY ACT Defines a mortgage broker under the definition of a mortgage loan company N.M. Stat. Ann (I) under the Mortgage Loan Company Act. Mortgage loan company means a person who, for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly: (1) accepts or offers to accept an application for a mortgage loan; (2) negotiates or offers to negotiate terms for a mortgage loan; or (3) solicits, processes, originates, brokers or makes mortgage loans for others, or offers to solicit, process, originate, broker or make mortgage loans for others; or (4) closes mortgage loans that may be in the mortgage loan company's own name with funds provided by others and that are assigned to the mortgage lenders providing the funding of loans.

4 NEW YORK BANKING LAW "Registrant or mortgage broker shall mean a person or entity registered pursuant to N.Y. N.Y. Banking Law 590 Banking Law 591 a to engage in the business of soliciting, processing, placing or negotiating mortgage loans for others, or offering to solicit, process, place or negotiate mortgage loans for others. "Soliciting, processing, placing or negotiating a mortgage loan" shall mean for compensation or gain, either directly or indirectly, accepting or offering to accept an application for a mortgage loan, assisting or offering to assist in the processing of an application for a mortgage loan, soliciting or offering to solicit a mortgage loan on behalf of a third party or negotiating or offering to negotiate the terms or conditions of a mortgage loan with a lender on behalf of a third party. NORTH CAROLINA SECURE AND FAIR ENFORCEMENT MORTGAGE LICENSING ACT Engaging in the mortgage business means: 1) For compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, to accept or offer to accept an application for a residential mortgage loan from prospective borrowers, solicit or offer to solicit a residential mortgage loan from prospective borrowers, negotiate the terms or conditions of a residential mortgage loan with prospective borrowers, issue residential mortgage loan commitments or interest rate guarantee agreements to prospective borrowers, or engage in table funding of residential mortgage loans, whether any such acts are done through contact by telephone, by electronic means, by mail, or in person with the borrowers or prospective borrowers. 2) To make or fund, or offer to make or fund, or advance funds on residential mortgage loans for compensation or gain, or in the expectation of compensation or gain. 3) To engage, whether for compensation or gain from another or on one's own behalf, in the business of receiving any scheduled periodic payments from a borrower pursuant to the terms of any residential mortgage loan, including amounts for escrow accounts, and making the payments of principal and interest and such other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the residential mortgage loan, the residential mortgage loan servicing documents, or servicing contract, or otherwise to meet the definition of the term servicer in 12 U.S.C. 2605(i)(2) with respect to residential mortgage loans. A lender includes a mortgage broker or mortgage banker originating a loan in a table funded transaction in which the mortgage broker or mortgage banker is identified as the original payee of the note. N.C. Gen. Stat N.C. Gen. Stat (10) NORTH DAKOTA OHIO MONEY BROKERS ACT Defines a mortgage broker under the definition of a money broker. Money broker means a person or entity who, in the ordinary course of business, engages in money brokering. Money brokering means the act of arranging or providing loans or leases as a form of financing, or advertising or soliciting either in print, by letter, in person, or otherwise, the right to find lenders or provide loans or leases for persons or businesses desirous of obtaining funds for any purpose. N.D. Cent. Code MORTGAGE BROKERS ACT Mortgage broker means any of the following: (a) a person that holds that person Ohio Rev. Code Ann out as being able to assist a buyer in obtaining a mortgage and charges or receives from either the buyer or lender money or other valuable consideration readily convertible into money for providing this assistance; (b) a person that solicits financial and mortgage information from the public, provides that information to a mortgage broker or a person that makes residential mortgage loans, and charges or receives from either of them money or other valuable consideration readily convertible into money for providing the information; and (c) a person engaged in table funding or warehouse lending mortgage loans that are first lien residential mortgage loans. Table funding mortgage loan means a residential mortgage loan transaction in which the residential mortgage loan is initially payable to the mortgage broker, the mortgage broker does not use the mortgage broker's own funds to fund the transaction, and, by the terms of the mortgage or other agreement, the mortgage is simultaneously assigned to another person. Warehouse lending mortgage loan means a residential mortgage loan transaction in which the residential mortgage loan is initially payable to the mortgage broker, the mortgage broker uses the mortgage broker's own funds to fund the transaction, and the mortgage is sold or assigned before the mortgage broker receives a scheduled payment on the residential mortgage loan. OKLAHOMA OREGON SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT Mortgage broker means an entity who for compensation or gain or in the expectation of compensation or gain: (1) takes a residential mortgage loan application; or (2) offers, negotiates or modifies the terms of a residential mortgage loan. MORTGAGE LENDER LAW Mortgage broker means a person that: (1) engages all or part of the time, for the account of others or for the person's own account, in the business of selling real estate paper whether as issuer, agent or principal to persons other than persons enumerated in Or. Rev. Stat (4); (2) engages all or part of the time, for the account of others or for the person's own account, in the business of accepting funds from 1 or more persons other than persons enumerated in Or. Rev. Stat (4) for investment in real estate paper; or (3) for compensation, or in the expectation of compensation, either directly or indirectly makes, negotiates or offers to make or negotiate a mortgage loan. There is a long listing of exemptions from the definition of mortgage broker, refer to citation for more information. Okla. Stat. Ann. tit. 59, Or. Rev. Stat. 86A.100(5) CONSUMER FINANCE ACT Defines a mortgage broker under the definition of broker or facilitator. Broker or facilitator means a person that conducts a business in which, for a fee or consideration, the person: (1) processes, receives or accepts for delivery to a lender an application for a loan, individually or in conjunction or cooperation with another person; (2) accepts and delivers to a lender all or most of the proceeds of a payment made in connection with a loan; or (3) assists in making a loan in a material capacity other than as a lender. Broker or facilitator does not include a mortgage broker, as that term is defined in ORS , a mortgage loan originator, as that term is defined in section 1 of this 2009 Act, or an employee of a licensee. Or. Rev. Stat (1)

5 PENNSYLVANIA MORTGAGE LICENSING ACT Mortgage broker means a person who engages in the mortgage loan business by directly or indirectly negotiating or placing mortgage loans for others in the primary market for consideration. "Mortgage loan business." The business of advertising, causing to be advertised, soliciting, negotiating or arranging in the ordinary course of business or offering to make or making mortgage loans. "Mortgage loan correspondent." A person who engages in the mortgage loan business by directly or indirectly originating and closing mortgage loans in his or her own name utilizing funds provided by a wholesale table funder or other funding sources under the circumstances described under section 6123(6) (relating to mortgage loan business prohibitions) and simultaneously assigning the mortgage loans to the wholesale table funder. 7 Pa. Cons. Stat. Ann RHODE ISLAND GENERAL LAW LICENSED ACTIVITIES ACT "Loan broker" means any person who, for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, solicits, processes, negotiates, places or sells a loan within this state for others in the primary market, or offers to do so. A loan broker shall also mean any person who is the nominal mortgagee or creditor in a table funding transaction. A loan is brokered within this state if any of the following conditions exist: (i) The loan is secured by real property located in this state; (ii) An application for a loan is taken or received by an employee, agent or representative of the loan broker within this state; (iii) The loan closes within this state; (iv) The loan solicitation is done by an individual with a physical presence in this state; or (v) The loan broker maintains an office in this state. "Table funding transaction" means a transaction in which there is a contemporaneous advance of funds by a lender and an assignment by the mortgagee or creditor of the loan to the lender. R.I. Gen. Laws (7) SOUTH CAROLINA LICENSING OF MORTGAGE BROKERS ACT Mortgage broker means a person who acts as a mortgage broker. S.C. Code Ann Act as a mortgage broker means to act, for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, by: (1) soliciting, processing, placing, or negotiating a mortgage loan for a borrower from a mortgage lender or depository institution or offering to process, place, or negotiate a mortgage loan for a borrower from a mortgage lender or depository institution; (2) engaging in table funding of mortgage a loan; or (3) acting as a loan correspondent, as that term is defined in 24 C.F.R. Part 202 et seq., whether those acts are done by telephone, by electronic means, by mail, or in person with the borrowers or potential borrowers. Act as a mortgage broker includes bringing a borrower and lender together to obtain mortgage loan or rendering a settlement service as described in 12 U.S.C. 2602(3) and 24 C.F.R (b) of RESPA. Tablefunding means a settlement at which a loan is funded by a contemporaneous advance of loan funds and an assignment of the loan to the person advancing the funds. Under the MORTGAGE LENDING ACT A person who obtains a license as a mortgage lender, upon notice to the Commissioner on a form prescribed by the Commissioner, may also act as a mortgage broker. A mortgage lender who also acts as a mortgage broker is not required to obtain a license as a mortgage broker pursuant to the Licensing of Mortgage Brokers Act and is not subject to regulation by the Department of Consumer Affairs; however, the mortgage lender acting as a mortgage broker must comply with S.C. Code Ann (regarding prohibited activities of mortgage brokers); (regarding disclosure and itemization of charges); and (regarding loan agreement disclosures) (S.C. Code Ann (K)). SOUTH DAKOTA MORTGAGE LENDER BUSINESS STATUTE Mortgage broker means any person who acts as a mortgage loan originator and has not less than a 10% interest in a mortgage brokerage. Mortgage brokerage means any person engaged in placing mortgage loans with investors for a fee, but does not service the loans. S.D. Codified Laws (9) & (10) TENNESSEE TEXAS UTAH RESIDENTIAL LENDING, BROKERAGE AND SERVICING ACT Mortgage loan broker means any person who for Tenn. Code Ann compensation or other gain, paid directly or indirectly, or in expectation of compensation or other gain: (1) 105(14) solicits, places, negotiates or originates a residential mortgage loan for another person; (2) offers to solicit, place, negotiate or originate a residential mortgage loan for another person; or (3) closes a residential mortgage loan that may be in the mortgage loan broker's own name with funds provided by another person and which loan is thereafter assigned to the person providing the funding of the loan. RESIDENTIAL MORTGAGE LOAN COMPANY LICENSING AND REGISTRATION ACT Defines a mortgage broker under the definition of a residential mortgage loan company. "Residential mortgage loan company" means a person, other than an individual, that engages in the business of residential mortgage loan origination on residential real estate located in this state. The term includes a credit union subsidiary organization, auxiliary mortgage loan activity company, mortgage company, independent contractor loan processor or underwriter company, and financial services company. Entities licensed under this act are exempt from the Secondary Mortgage Loan Act. RESIDENTIAL MORTGAGE PRACTICES AND LICENSING ACT Defines a mortgage broker under the definition of "business of residential mortgage loans". Business of residential mortgage loans means for compensation or in the expectations of compensation to: (1) engage in an act that makes an individual a mortgage loan originator; (2) make or originate a residential mortgage loan; (3) directly or indirectly solicit a residential mortgage loan for another; (4) render services related to the origination of a residential mortgage loan including: (a) preparing a loan package; (b) communicating with the borrower and lender; (c) advising on a loan term; or (d) acting as a loan processor without being employed by a licensed entity; or (5) engage in loan modification assistance. Tex. Fin. Code Ann Utah Code Ann. 61 2c 102(1) VERMONT LICENSED LENDERS ACT Mortgage broker means any person who for compensation or gain, or in the Vt. Stat. Ann. tit. 8, expectation of compensation or gain, directly or indirectly negotiates, places, assists in placement, finds or offers 2200(15) to negotiate, place, assist in placement or find mortgage loans, other than commercial loans, on real property for others.

6 VIRGINIA WASHINGTON MORTGAGE LENDER AND BROKER ACT Mortgage broker means any person who directly or indirectly negotiates, places or finds mortgage loans for others, or offers to negotiate, place or find mortgage loans for others. Any licensed mortgage lender with an executed originating agreement with the Virginia Housing Development Authority (VHDA), who acts or offers to act as an originating agent of the VHDA in connection with a mortgage loan will not be deemed to be acting as a mortgage broker with respect to the loan. Va. Code Ann MORTGAGE BROKER PRACTICES ACT Mortgage broker means any person who for direct or indirect Wash. Admin. Code 208 compensation or gain, or in the expectation of direct or indirect compensation or gain, assists a borrower in obtaining or applying for a residential mortgage loan or performs residential mortgage loan modification services or holds themselves out as being able to assist a person in obtaining or applying for a residential mortgage loan or provide residential mortgage loan modification services. A mortgage broker either prepares a residential mortgage loan for funding by another entity or table funds the residential mortgage loan. These are the 2 activities allowed under the MBPA. For the purposes of a mortgage broker definition, a person assists a person in obtaining or applying to obtain a residential mortgage loan by, among other things, counseling on loan terms (rates, fees, other costs), preparing loan packages, or collecting enough information on behalf of the consumer to anticipate a credit decision. A person holds themselves out by advertising or otherwise informing the public that the person engages in any of the activities of a mortgage broker or loan originator, including the use of business cards, stationery, brochures, rate sheets, or other promotional items. Mortgage broker also includes any person who for direct or indirect compensation or gain or in the expectation of direct or indirect compensation or gain performs residential mortgage loan modification services or holds himself or herself out as being able to perform residential mortgage loan modification services. WEST VIRGINIA RESIDENTIAL MORTGAGE LENDER, BROKER AND SERVICER ACT Broker means any person acting in the regular course of business who, for a fee or commission or other consideration, negotiates or arranges, originates, or assigns a primary or subordinate mortgage loan between a lender and a borrower. A person is considered to be acting in the regular course of business if the person negotiates or arranges, originates, processes or assigns any primary or subordinate mortgage loans in any 1 calendar year or if the person receives from a borrower money or other valuable consideration in any primary or subordinate mortgage transaction before completing performance of all broker services that the person has agreed to perform for the borrower. W. Va. Code Ann (4) WISCONSIN MORTGAGE BANKERS, LOAN ORIGINATORS AND MORTGAGE BROKERS ACT Mortgage broker means a person who, on behalf of a residential mortgage loan applicant or an investor and for commission or money, finds a residential mortgage loan or negotiates a residential mortgage loan or commitment for a residential mortgage loan or engages in table funding. Table funding means a transaction in which a person conducts a residential mortgage loan closing in the person's name with funds provided by a third party and the person assigns the residential mortgage loan to the third party within 24 hours of the residential mortgage loan closing. Wis. Stat. Ann (4) WYOMING RESIDENTIAL MORTGAGE PRACTICES ACT Mortgage broker means any company, who for compensation, or in the expectation of compensation, assists a person in obtaining or applying to obtain a residential mortgage loan or holds itself out as being able to assist a person in obtaining or applying to obtain a residential mortgage loan. Mortgage brokering activities means for compensation, either directly or indirectly, assisting or offering to assist in the preparation of an application for a residential mortgage loan on behalf of a borrower, or negotiating or offering to negotiate the terms or conditions of a residential mortgage loan with any person making residential mortgage loans. Wyo. Stat. Ann