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Mortgage broker or lender in Miami?

What a mortgage broker and a mortgage lender each do, how brokers are paid, and how to check a Florida license.

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By Global G Home Loans · Published · Updated

By Global G Home Loans · Published · Updated

Short answer

The CFPB describes a lender as a financial institution that makes direct loans; a broker does not lend money [1]. Loan officers and brokers are usually paid a loan-specific fee or commission, by you or by the lender [2]. NMLS Consumer Access is a free service that shows whether a company is authorized in your state [5].

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A mortgage lender makes the loan. A mortgage broker does not lend money; it helps you find lenders and loan products [1].

Brokers typically work with several lenders, while a loan officer often works for one [2].

In Florida, brokers and loan originators need a current, active license [4], and you can check companies on NMLS Consumer Access [5].

On this page

01

What does a mortgage lender do?

The CFPB describes a lender as a financial institution that makes direct loans, and you repay the lender under the terms of your loan [1].

Florida law defines a mortgage lender as a person making a mortgage loan or servicing a mortgage loan for others [3].

02

What does a mortgage broker do?

A broker does not lend money.

A broker helps you find lenders or loan products, and you pay the broker a loan-specific fee for its services [1].

Florida law defines a mortgage broker as a person conducting loan originator activities through one or more licensed loan originators [3].

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Mortgage brokers typically work with multiple lenders, while mortgage loan officers often work for one specific lender [2].

Some financial institutions act as both lenders and brokers, so the CFPB suggests asking whether a broker is involved in your loan [1].

03

How are mortgage brokers and loan officers paid?

Loan officers and brokers are usually paid a loan-specific fee or commission, paid by you or by the lender you use [2].

Federal law prohibits their commissions from varying based on the terms of the mortgage [2].

Before you work with one, make sure you understand their fees and who pays them [2].

04

How do I check a mortgage broker or lender in Florida?

Florida law prohibits acting as a mortgage broker or loan originator in the state without a current, active license issued by the Florida Office of Financial Regulation [4].

NMLS Consumer Access is a free service that shows whether a financial-services company or professional is authorized to do business in your state [5].

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Global G Home Loans, LLC is a mortgage broker in Miami, NMLS ID 2499656, and you can look the company up on NMLS Consumer Access [5].

05

How do I choose between a broker and a lender?

A general path, not a promise about any company's process.

  1. Ask whether you are talking to a lender or a broker, and whether a broker is involved in your loan [1].
  2. Look up the company and the loan originator on NMLS Consumer Access [5].
  3. Ask how the broker or loan officer is paid, and who pays [2].
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  1. Ask for a Loan Estimate; a lender or broker cannot require documents as a condition for giving you one [6].
  2. Compare Loan Estimates from more than one lender, whether they reach you through a broker or directly [7].

06

What should I ask a broker or a lender?

Three questions that apply to either one.

  • Are you the lender, a broker, or both [1]?
  • What is your NMLS ID [5]?
  • How are you paid, and who pays you [2]?

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Questions

Frequently asked questions

Is a mortgage broker a lender?

No. The CFPB says a broker does not lend money, while a lender is a financial institution that makes direct loans [1]. Some institutions act as both, so ask whether a broker is involved in your loan [1].

Sources: What is the difference between a mortgage lender and a mortgage broker?

Who pays a mortgage broker?

Loan officers and brokers are usually paid a loan-specific fee or commission, paid by you or by the lender you use [2].

Sources: How does a mortgage loan officer or broker get paid?

Can a broker's pay depend on my loan terms?

Federal law prohibits loan officer and broker commissions from varying based on the terms of the mortgage [2].

Sources: How does a mortgage loan officer or broker get paid?

Does a mortgage broker in Miami need a Florida license?

Yes. Florida law prohibits acting as a mortgage broker or loan originator in the state without a current, active license issued by the Florida Office of Financial Regulation [4].

Sources: Florida Statutes s. 494.0025, Prohibited practices (2025)

Should I compare offers from a broker and a lender?

The CFPB describes shopping for a mortgage as requesting, reviewing and comparing Loan Estimates from multiple lenders [7].

Sources: Compare: shop for your mortgage

Sources (7)

  1. What is the difference between a mortgage lender and a mortgage broker?. Consumer Financial Protection Bureau (CFPB). Last reviewed Dec. 11, 2024. Accessed .
  2. How does a mortgage loan officer or broker get paid?. Consumer Financial Protection Bureau (CFPB). Last reviewed Jan. 7, 2025. Accessed .
  3. Florida Statutes s. 494.001, Definitions (2025). The Florida Senate. Subsections (18) loan originator, (23) mortgage broker, (24) mortgage lender. Accessed .
  4. Florida Statutes s. 494.0025, Prohibited practices (2025). The Florida Senate. Subsections (1) and (2). Accessed .
  5. Is there any way I can check to see if the company or person I contact is permitted to make or broker mortgage loans?. Consumer Financial Protection Bureau (CFPB). Accessed .
  6. Can a lender make me provide documents like my W-2 or pay stub in order to give me a Loan Estimate?. Consumer Financial Protection Bureau (CFPB). Accessed .
  7. Compare: shop for your mortgage. Consumer Financial Protection Bureau (CFPB). Accessed .
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