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Mortgage Broker vs. Mortgage Lender | Zillow – Mortgage bankers fund loans but typically turn around and sell them in the secondary market to investors or agencies such as Fannie Mae and Freddie Mac. Mortgage bankers borrow money from banks to fund the loans and then repay the money when the loans are sold. Most large lenders such as Wells Fargo Mortgage are mortgage banks.

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California Residential Mortgage Lending Act – CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT. The California Residential Mortgage Lending Act (CRMLA) is contained in Division 20 of the california financial code, commencing with Section 50000.The regulations are contained in Subchapter 11.5 of Chapter 3 of Title 10 of the California Code of Regulations, commencing with Section 1950.003 (10 C.C.R. 1950.003, et seq.).

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California Department of Business Oversight – In addition every location outside of California which conducts California business subject to the California Residential Mortgage Lending Act must be an approved location. Business locations outside of California which do not conduct California business under the California Residential Mortgage Lending Act do not need to be approved.