Mortgage Lenders in Ohio Key Terms

Learn the vocabulary of mortgage lending in Ohio

By Shannon Tani

Mortgage lenders in Ohio should learn the key terms that are associated with their business if they want to be successful. While there are certainly general terms that apply to mortgage lenders all over America, there are also terms that are specific to Ohio. These terms include professional organizations, regulatory bodies and laws related to Ohio mortgage lending. By taking the time to learn these terms, you will have a better chance of success in Ohio.

Ohio Mortgage Bankers Association

The Ohio Mortgage Bankers Association is a professional organization in Ohio for all those that work in the mortgage industry. The association offers support and networking opportunities for members.
Try: Learn more about the Ohio Mortgage Bankers Association from their website.

Ohio Association of Mortgage Professionals

The Ohio Association of Mortgage Professionals is another professional association in Ohio. It is a good idea for mortgage lenders in Ohio to join both organizations so that they don't miss out on any opportunities.
Try: The Ohio Association of Mortgage Professionals website includes more information.

Ohio Mortgage Broker License

All mortgage brokers in Ohio are required to have an Ohio Mortgage Broker License in order to do business. This ensures that they have the proper education and qualifications to make lending decisions.
Try: You can read more about the requirements and fees for an Ohio Mortgage Broker License at American Mortgage Licensing.

Division of Financial Institutions

The Ohio government's Division of Financial Institutions is responsible for governing the mortgage industry. They monitor the licensure of mortgage brokers and their site allows a user to verify that a mortgage broker has a license.
Try: Visit the website for the Division of Financial Institutions to learn more.

Anti-predatory lending laws

Anti-predatory lending laws are designed to protect consumers from lenders that take advantage of them. Typically, predatory lenders may charge high interest rates or offer a consumer an unaffordable loan. The state of Ohio enacted laws against these types of lenders in 2002. These laws cover many things, such as limiting the percentage of closing points to less than 6 percent of the financed amount.
Try: The House Financial Services Committee discusses anti-predatory lending laws, while Mortgage Lenders Plus briefly discusses the issue as it relates to Ohio.

Ohio FHA loan

FHA loans are insured by the Federal Housing Administration. This reduces the risk to lenders. Mortgage lenders in Ohio should consider becoming an approved FHA lender.
Try: Learn more about FHA loans from FHA.com.