Effective July 1, 2019, the definition of “mortgage broker” is revised to exclude certain retailer or retail brokers of a manufactured or mobile home or a residential industrialized building, as those terms are further defined.
Such exempt retailer or retail brokers are those:
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whose residential mortgage loan activities are limited to compiling and transmitting residential mortgage loan applications along with related supporting documentation to mortgage lenders who are licensed or exempt from licensing or communicating with residential mortgage loan applicants as necessary to obtain additional documents that complete the residential mortgage loan application to those licensed or exempt mortgage lenders; and
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who do not receive any payment or fee from any person for assisting the applicant to apply for or obtain financing to purchase the manufactured home, mobile home, or residential industrialized building.
