What activities can a licensed mortgage broker engage in under the MBPA without triggering the license requirements of the CLA?
Until December 31, 2009, as a licensed mortgage broker you may act in these capacities: Broker – assisting borrowers, or holding yourself out as able to assist borrowers, in obtaining a residential mortgage loan. Loans close in the name of the lender. Table Fund – “Table-funding” means a settlement at which a mortgage loan is funded by a contemporaneous advance of loan funds and an assignment of the loan to the person advancing the funds. The mortgage broker originates the loan and closes the loan in its own name but the funds are provided at the settlement by a lender to whom the closed loan is assigned. The mortgage broker does not own the loan at the end of the settlement. See also WAC 208-660-006. Non-delegated Correspondent – You close loans in your name with funds provided by a lender or other loan purchaser through a line of credit (warehouse line). The lender or other loan purchaser provides the underwriting criteria the borrower must meet and that lender or other loan purchase
