Act as a Mortgage Broker

Act as a Mortgage Lender

Act as a Correspondent Mortgage Lender

Associate

Branch Broker

Institutional Investor

Loan Commitment or Commitment

Lock-in Agreement

Make a Mortgage Loan

Mortgage Loan

Nonresidential Mortgage Loan

Principal Broker

Principal Place of Business

Residential Mortgage Loan

Principal Representative

Employed or Employee

Independent Contractor

Operate

Exercise

Control

Act as a loan originator - means being employed by a mortgage lender or correspondent mortgage lender, for compensation or gain or in the expectation of compensation or gain, to negotiate or offer to negotiate the making of a mortgage loan. A person whose activities are ministerial and clerical, which may include quoting available interest rates or loan terms and conditions, is not acting as a loan originator.

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Act as a mortgage broker - means, for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, accepting or offering to accept an application for a mortgage loan, soliciting or offering to solicit a mortgage loan on behalf of a borrower, negotiating or offering to negotiate the terms or conditions of a mortgage loan on behalf of a lender, or negotiating or offering to negotiate the sale of an existing mortgage loan to a non-institutional investor. An employee whose activities are ministerial and clerical, which may include quoting available interest rates or loan terms and conditions, is not acting as a mortgage broker.

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Act as a mortgage lender - means to make a mortgage loan or to service a mortgage loan for others or, for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, to sell or offer to sell a mortgage loan to a non-institutional investor.

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Act as a Correspondent Mortgage Lender - means to make a mortgage loan.

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Associate - means a person required to be licensed as a mortgage broker under this chapter who is employed by or acting as an independent contractor for a mortgage brokerage business or a person acting as an independent contractor for a mortgage lender or correspondent mortgage lender. The use of the term associate, in contexts other than in the administration of ss. 494.003-494.0077, shall not be construed to impose or effect the common-law or statutory liability of the employer.

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Branch broker - means the licensee in charge of, and responsible for, the operation of a branch office of a mortgage brokerage business.

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Institutional investor - means a state or national bank, state or federal savings and loan association or savings bank, real estate investment trust, insurance company, real estate company, accredited investor as defined in 17 C.F.R. ss. 230.501 et seq., business licensed under ss. 494.001-494.0077, or other business entity that invests in mortgage loans, including a secondary mortgage market institution including, without limitation, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Government National Mortgage Association, conduits, investment bankers, and any subsidiary of such entities.

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Loan commitment or commitment - means a statement by the lender setting forth the terms and conditions upon which the lender is willing to make a particular mortgage loan to a particular borrower.

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Lock-in agreement - means an agreement whereby the lender guarantees for a specified number of days or until a specified date the availability of a specified rate of interest or specified formula by which the rate of interest will be determined and/or specific number of discount points, if the loan is approved and closed within the stated period of time.

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Make a mortgage loan - means to close a mortgage loan in a person's name or to advance funds, offer to advance funds, or make a commitment to advance funds to an applicant for a mortgage loan.

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Mortgage loan - means any:

(a)  Residential mortgage loan;

(b)  Loan on commercial real property if the borrower is a natural person or the lender is a noninstitutional investor; or

(c)  Loan on improved real property consisting of five or more dwelling units if the borrower is a natural person or the lender is a noninstitutional investor.

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Nonresidential mortgage loan - means a mortgage loan other than a residential mortgage loan.

Principal broker - means a licensee in charge of, and responsible for, the operation of the principal place of business and all branch brokers.

Principal place of business - means a licensee's primary business office the street address or physical location of which is designated on the application for licensure or any amendment to such application

Residential mortgage loan - means any mortgage or other security instrument secured by improved real property consisting of no more than four dwelling units.

Service a mortgage loan - means to receive or cause to be received or transferred for another installment payments of principal, interest, or other payments pursuant to a mortgage loan.

Principal representative - means an individual who operates the business operations of a licensee under Part III.

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For the purpose of subsection 494.006(2)(a), F.S., “employed” or “employee” means a natural person engaged in the service of another for a salary or wages. Such person is subject to withholding, FICA, and other lawful deductions by the employer as a condition of employment and is subjected to the right of the employer to direct and control the actions of the employee.

Independent contractor - means a person who contracts with another to perform a service where this person is not directed or controlled by the other person or is required to maintain separate records regarding his contract for services in respect to, but not limited to, accounting and taxes.

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For purposes of Rules 69V-40.100, 69V-40.200, 69V-40.220, and 69V-40.242, F.A.C.:
(a) Operate shall mean to exercise power or influence over the business operations.
(b) Exercise shall mean the discharge of an official duty or function.
(c) Control shall mean to have the influence and power to make decisions for the business