The only option that is correct about a mortgage loan originator is that; Option B: A mortgage loan originator must have a separate license.
Mortgage loan originators are defined as those who help borrowers through the mortgage application process and the loan closing.
Now, a mortgage loan is a loan in which registered property, such as real estate, serves as collateral. If a person borrows money for the purchase of a house, and gives the house as collateral, he is the owner of the property, borrower and mortgagor. The lender, usually a financial institution, is the mortgagee (he acquires the right of mortgage: first right of sale).
Looking at the options, the only one that is correct about a mortgage loan originator is that; Option B: A mortgage loan originator must have a separate license.
The missing options are;
(a) A mortgage loan originator is the same as a mortgage broker.
(b) A mortgage loan originator must have a separate license.
(c) A mortgage loan originator makes loans.
(d) A mortgage loan originator must have a real estate license.
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