Lesson 17 - Mortgage Brokerages

Question 1

Mortgage Broker

Answer 1

-An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages.

Question 2

Mortgage Banker

Answer 2

-A company, individual or institution that originates mortgages. Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages.

Question 3

NYS Department of Financial Services (formerly known as the NYS Banking Department)

Answer 3

• The NYS Department of Financial Services registers and licenses all companies and individuals who conduct mortgage related services in New York.
• This includes mortgage broker licenses.