sub-mortgage broker | Real Estate Dictionary

A defined term in the Mortgage Brokers Act. Basically, an individual employed by a mortgage broker who satisfies any one of the following requirements:

• carries on a business of lending money secured in whole or in part by mortgages, whether the money is his own or that of another person;
• holds himself out as, or by an advertisement, notice or sign indicates that he is, a mortgage broker;
• carries on a business of buying and selling mortgages or agreements for sale;
• in any one year, receives an amount of $1,000 or more in fees or other consideration, excluding legal fees for arranging mortgages for other persons; or
• during any one year, lends money on the security of 10 or more mortgages.
• carries on a business of collecting money secured by mortgages.