What is the difference between a mortgage consultant and a mortgage loan officer?
The answer depends on your state. Pick yours to see it.
Mortgage consultant has no separate legal meaning in Florida. The legal title is loan originator: an individual who solicits a mortgage loan, accepts or offers to accept an application, or negotiates the terms or conditions of a new or existing mortgage loan for compensation. Anyone who performs those activities, whatever title they use, must hold a loan originator license issued by the Office of Financial Regulation.
Sources: Fla. Stat. 494.00312: Loan originator license; Fla. Stat. 494.00313: Loan originator license renewal.
A mortgage loan officer works for a single lender and can offer only that employer's loan products, while mortgage consultant is not a separately licensed role in New York. Anyone who, for compensation, takes a residential mortgage loan application or offers or negotiates loan terms must hold a Mortgage Loan Originator license regardless of job title. An independent mortgage broker, by contrast, works with multiple lenders and matches borrowers with loan programs.
Sources: N.Y. Banking Law § 590: Definitions; registration required; N.Y. Banking Law § 591-a: Application to register as a mortgage broker; fees.