Glossary of terms
Statement of Adjustment: A closing statement in a real property transaction
whose format is structured by debits and credits.
Sub-Mortgage Broker: A defined term in the Mortgage Broker Act. Basically, An
individual employed by the mortgage broker who satisfies any one of the
- carries on a business of lending money secured in whole or in part of
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 of
- In any one year, receives an amount of $1000.00 or more in fees or other
consideration, excluding legal fees for arranging mortgages fro other
- During any one year, lends money on the security of 10 or more mortgages.