Under the Illinois Residential Mortgage License Act, a mortgage lender is distinguished from a mortgage broker primarily because the lender:
Correct Answer
A) Funds residential mortgage loans using its own resources or warehouse lines of credit
The key distinction between a mortgage lender and a mortgage broker under Illinois law is that the lender funds loans using its own capital or warehouse lines of credit, while the broker merely acts as an intermediary.
Why This Is the Correct Answer
The key distinction between a mortgage lender and a mortgage broker under Illinois law is that the lender funds loans using its own capital or warehouse lines of credit, while the broker merely acts as an intermediary.
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