Self-Test: Are You a Mortgage Broker?
 The activities of mortgage brokers that require licensing are set forth in state statute definitions of "mortgage broker" or "loan broker". Definitions from 14 state statutes are attached hereto. Test yourself: Are You A Mortgage Broker?
 Summary of Statute State Statute  YES or NO
 VA: "A mortgage broker who directly or indirectly negotiates, places, or finds mortgage loans for others (or offers to do such) must be licensed".   The Virginia Mortgage Lender and Broker Act of VA Code §6.1 409 et seg., A mortgage broker who directly or indirectly negotiates, places, or finds mortgage loans for others (or offers to do such) must be licensed.  
 MA: "A mortgage broker is any person who for or in the expectation of compensation or gain directly or indirectly negotiates, places, assists in placement, and finds mortgage loans or residential property for others (or offers to do such)".  MASSACHUSETTS MORTGAGE BROKER LICENSING REQUIREMENTS! Same as Mortgage Lender Licensing Requirements/ A mortgage broker is any person who for or in the expectation of compensation or gain directly or indirectly negotiates, places, assists in placement, and finds mortgage loans or residential property for others (or offers to do such).  
 OK: "for compensation or gain (or in expectation of such) …assists a person in obtaining or applying to obtain such loan (or holds himself out as being able to do such). -A residential mortgage loan is any loan primarily for personal, family or household use secured by a mortgage or residential real estate of a one- to four-unit family dwelling".  Oklahoma Mortgage Broker Licensure Act, was enacted effective November 1, 1997 (Okla. Stat. tit. 59 Section 2071 et seq.) which requires mortgage brokers to be licensed with the Commission on ?Consumer Credit. ?A mortgage broker means any person who for compensation or gain (or in expectation of such) makes a residential mortgage loan or assists a person in obtaining or applying to obtain such loan (or holds himself out as being able to do such). ?A residential mortgage loan is any loan primarily for personal, family or household use secured by a mortgage or residential real estate of a oneto four?unit family dwelling. (Okla. Stat. tit. 59 §2082)  
  FL: "accepting or offering to accept an application for a mortgage loan, soliciting or offering to solicit a mortgage loan on behalf of a borrower, negotiating or offering to negotiate the terms or conditions of a mortgage loan on behalf of a lender"    
 MN: "assisting a borrower in obtaining a residential mortgage loan in return for consideration to be paid by the borrower or lender or both. Mortgage brokering or brokering includes, but is not limited to, soliciting, placing, or negotiating a residential mortgage loan." 'Soliciting, placing, or negotiating a residential mortgage loan' means for compensation or gain or expectation of compensation or gain, whether directly or indirectly, accepting or offering to accept an application for a residential mortgage loan, assisting, or offering to assist a borrower in applying for a residential mortgage loan, or negotiating or offering to negotiate the terms or conditions of a residential mortgage loan with a lender on behalf of a borrower."
6. GA: "directly or indirectly solicits, processes, places, or negotiates mortgage loans for others, or offers to solicit, process, place, or negotiate mortgage loans for others"
 "Minnesota Residential Mortgage Originator and Servicer Licensing Act." Chapter 58 Subd. 13. Mortgage broker: broker. "Mortgage broker" or "broker" means a person who performs the activities described in subdivisions 14 and 23. Subd. 14. Mortgage brokering: brokering. "Mortgage brokering" or "brokering" means helping to obtain from another person, for a borrower, a residential mortgage loan or assisting a borrower in obtaining a residential mortgage loan in return for consideration to be paid by the borrower or lender or both. Mortgage brokering or brokering includes, but is not limited to, soliciting, placing, or negotiating a residential mortgage loan. Subd. 23. Soliciting, placing, or negotiating a residential mortgage loan "Soliciting, placing, or negotiating a residential mortgage loan" means for compensation or gain or expectation of compensation or gain; whether directly or indirectly, accepting or offering to accept an application for a residential mortgage loan, assisting, or offering to assist a borrower in applying for a residential mortgage loan, or negotiating or offering to negotiate the terms or conditions of a residential mortgage loan with a lender on behalf of a borrower.  
 IL: "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 … and soliciting, processing, placing, or negotiating residential mortgage loans".  Illinois Residential Mortgage License Act of 1987
(o) "Loan brokering", "brokering", or "brokerage service" shall mean the act of helping to obtain from another entity, for a borrower, a loan secured by residential real estate situated 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 including, but 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.
 
 KY: "for compensation or gain, or in the expectation of compensation or gain, directly or indirectly: (a) Holds himself out as being able to serve as an agent for any person in an attempt to obtain a loan which will be secured by a mortgage on residential real property;"

 Kentucky Revised Statutes, KRS Chapter 294.00

(4) "Mortgage loan" means any loan secured by a mortgage on residential real property
or any loan secured by collateral which has a mortgage lien interest in residential real
property;
(8) "Mortgage loan broker" means any person who for compensation or gain, or in the
expectation of compensation or gain, directly or indirectly:
(a) Holds himself out as being able to serve as an agent for any person in an attempt to obtain a loan which wall be secured by a mortgage on residential .real property; or
(b) Holds himself out as being able to serve as an agent for any person who has
money to loan, which loan is or will be secured by a mortgage on residential
real property.,

 
 TX: "receives an application from a prospective borrower for the purposes of making a mortgage loan…from funds of another person."  Texas Mortgage Broker Act
"Mortgage broker" means a person who receives an application from a prospective borrower for the purposes of making a mortgage loan from that person's own funds or from the funds of another person. The term does not include:
(A) a person who performs only clerical functions such as delivering a loan application to a mortgage broker or mortgage banker or gathering information related to a mortgage loan application on behalf of the prospective borrower, mortgage broker, or mortgage banker; or
(B) a person who performs functions of a loan processor.
(10) "Mortgage loan" means a debt against real estate secured by a first?lien security interest against one?to?four family residential real estate created by a deed of trust, security deed, or other security instrument.
 
   OREGON MORTGAGE BROKER LICENSING REQUIREMENTS/ oregon mortgage broker license/Same as under Mortgage Lender Licensing Requirements/A mortgage broker is defined as a person who, "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 enumerated in ORS 59.035(4), 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 one or more persons other than persons enumerated in ORS 59.035(4) for investment in real estate paper; or for compensation, or in the expectation of compensation, either directly or indirectly makes, negotiates or offers to make or negotiate a mortgage loan" (Or. Rev. Stat. 59.840)  
   LOUISIANA MORTGAGE BROKER LICENSING REQUIRE MENTS/the Louisiana Consumer Credit Law requires loan brokers to be licensed/ louisiana loan broker license/(LaRS §9:3572.3) A "loan broker" ' ?is defined as any person who, for compensation or the expectation of compensation, obtains or offers to obtain a consumer or federally related mortgage loan from a third party either for another person domiciled in Louisiana, or for another person wherever domiciled, if the broker is operating
in Louisiana.(LaRS §9:3572.1) 1
 
   FLORIDA REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS, CHAPTER 494 , MORTGAGE BROKERAGE AND MORTGAGE LENDING, PART I, GENERAL PROVISIONS ss. 494.001
(2) "Act as a mortgage broker" means, for compensation or gain, or in the expectation of compensation or
_ gain, either directly or indirectly, accepting or offering to accept an application for a mortgage loan, soliciting or offering to solicit a mortgage loan on behalf of a borrower, negotiating or offering to negotiate the terms or conditions of a mortgage loan on behalf of a lender, or negotiating or offering to negotiate the sale of an existing mortgage loan to a noninstitutional investor.
 
   GEORGIA RESIDENTIAL MORTGAGE ACT, ARTICLE 13, Licensing of Mortgage Lenders and Mortgage Brokers (11) "Mortgage broker" means any person who directly or indirectly solicits, processes, places, or negotiates mortgage loans for others, or offers to solicit, process, place, or negotiate mortgage loans for others or who closes mortgage loans which may be in the mortgage 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 of such loans.  
   IOWA, MORTGAGE BROKER LICENSING REQUIREMENTS/ iowa mortgage broker license/ An applicant that will act solely as a mortgage broker must file a surety bond in the amount of $15,000/In lieu of a bond, may pledge an alternative form of collateral (I.C.A. §5358.9) A mortgage broker is a person who arranges or negotiates, or attempts to negotiate or arrange at least four first mortgages or commitments on residential real property in Iowa in a calendar year.  
   CA Consumer Finance Lender License Brokers are defined in the California Finance Lenders Law as "any person engaged in the business of negotiating or performing any act as broker in connection with loans made by a Finance Lender".
 
     
     
     
     

1.
2.
3.
4.
5.
7.
8.
9.