Finance
Iowa's mortgage banker differs from a mortgage broker in that a mortgage banker:
ACharges higher fees than a mortgage broker
BFunds loans using their own capital or warehouse credit lines and may retain or sell the loans, while a mortgage broker arranges loans originated by lenders✓ Correct
CIs not regulated by Iowa law
DOnly makes government-backed loans
Explanation
A mortgage banker originates and funds loans using their own capital or warehouse lines of credit and may retain loans or sell them on the secondary market. A mortgage broker does not fund loans but serves as an intermediary, submitting applications to multiple lenders for a fee.
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