Finance
What is a 'mortgage banker' as distinct from a 'mortgage broker' in Hawaii?
AA. A mortgage banker only works with commercial properties
BB. A mortgage banker originates loans using their own funds and may retain or sell them; a broker arranges loans with third-party lenders✓ Correct
CC. A mortgage broker is licensed; a mortgage banker is not
DD. They are the same thing in Hawaii
Explanation
A mortgage banker originates and funds loans using their own capital, often selling them on the secondary market. A mortgage broker matches borrowers with lenders but doesn't fund loans.
Related Hawaii Finance Questions
- Which law requires lenders to provide the Closing Disclosure at least 3 business days before closing?
- What is 'USDA Rural Development loan' and which Hawaii properties might qualify?
- In Hawaii, what is 'loan flipping'?
- What is 'secondary mortgage market' and why does it affect Hawaii home buyers?
- What is an 'adjustable-rate mortgage' (ARM) and what risk does it pose to Hawaii borrowers?
- In Hawaii real estate financing, what is 'recourse' vs 'non-recourse' debt?
- In Hawaii, what is the 'teaser rate' on an adjustable-rate mortgage?
- In Hawaii, what is 'subordinate financing'?
Practice More Hawaii Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Hawaii Quiz →