Any person who for compensation or gain, or in the expectation of compensation or gain
(a) makes a residential mortgage loan or assists a person in obtaining or applying to obtain a residential mortgage loan or
(b) holds himself or herself out as being able to make a residential mortgage loan or assist a person in obtaining or applying to obtain a residential mortgage loan.
Mortgage brokers are involved in a high percentage of high-cost loans, and sometimes receive a payment from the lender for steering the client to a higher-cost loan (otherwise known as a "yield spread premium") or for the volume of loans the brokers steer towards the lender (otherwise known as "volume-based compensation").