Mortgage Broker or Mortgage Banker
Either a mortgage broker or a loan officer can help you when it's time to find a mortgage . It's common to confuse them as both will give the same outcome: a new home. However, it will be beneficial to recognize how they differ so you have clear expectations of them during the mortgage application process.
A mortgage broker (either a company or an individual) is an independent agent for the mortgage loan applicant as well as the lender. Your mortgage broker will stand as facilitator between you and the lending institution; which may be a bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. Which lender has the loan programs that fits your financial situation? A mortgage broker will lead you to the right fit. You give your application to your broker, who offers it to several lenders. Your mortgage broker then assists your work with the lender of choice until the loan closes. Upon closing, the broker's commission is given by the borrower.
About Loan Officers
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to market, and process loans solely originated by that specific institution. There may be an assortment of loans types to draw from although all are products of that specific lender.
Also called a "loan representative" or "account executive," a mortgage banker acts of behalf of the borrower to the lending institution. The mortgage banker will walk you through the application, processing and closing of the loan. Either a salary or commission is given to loan officers by their employers.
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