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Commerce Division of Financial Institutions  
 

MORTGAGE BROKER, LOAN OFFICER DEFINITIONS

"Mortgage broker" means any of the following:

(1) A person that holds that person 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;

(2) A person that solicits financial and mortgage information from the public, provides that information to a mortgage broker, and charges or receives from the mortgage broker money or other valuable consideration readily convertible into money for providing the information;

(3) A person engaged in table-funding or warehouse-lending mortgage loans that are first lien mortgage loans. ORC §1322.01 (G) (1-3)

“Loan officer” means an employee who originates mortgage loans in consideration of direct or indirect gain, profit, fees, or charges. “Loan officer” also includes an employee who solicits financial and mortgage information from the public for sale to another mortgage broker. ORC §1322.01 (E)