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Commerce Division of Financial Institutions  
 

MORTGAGE BROKERS, LOAN OFFICERS

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• Definition of Mortgage Broker and Loan Officer
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• Mortgage Broker Registration:

Any person or organization that holds itself out as able to assist consumers in obtaining mortgage loans, or acts as a table funder or warehouse lender, or develops and sells mortgage leads to other organizations must register under the Ohio Mortgage Broker Act (OMBA), Chapter 1322 of the Ohio Revised Code. Mortgage brokers registered under the OMBA must also comply with the Ohio Homeowners Equity Protection Act, sections 1349.25 to 1349.44 of the Ohio Revised Code, which is administered by the Division's Office of Consumer Affairs, and the Ohio Consumer Sales Practices Act, Chapter 1345 of the Ohio Revised Code, which is administered by the Consumer Protection Section of the Ohio Attorney General's office.

Instructions and the forms required to apply for a mortgage broker certificate of registration can be obtained at http://www.com.state.oh.us/dfi/documents/mainofficemortgagebrokerapppacket.pdf . The Division will investigate the applicant to determine they meet all the statutory requirements for registration under the act.

• Loan Officer Licensing:

Every employee of a mortgage broker registered under the OMBA who originates residential mortgage loans or who handles consumers' personal financial information must be individually licensed as a loan officer.

Instructions and the forms required to apply for a loan officer license can be obtained at http://www.com.state.oh.us/dfi/pub/cnfn_loanoffapppacket.pdf . The Division will investigate the applicant to determine they meet all the statutory requirements for licensure under the act.

• Compliance:

Registrants and licensees are responsible for understanding and complying with the applicable state and federal statutes. The Division will periodically examine registrants for compliance with lending law and has the power to issue subpoenas in the process of conducting examinations and investigations.

In addition, the Division may deny applications for registration or licensure, revoke, suspend, or refuse to renew certificates of registration or licenses, or impose fines against registrants and licensees pursuant to the Ohio Administrative Procedures Act, Chapter 119 of the Ohio Revised Code.