Mortgage Broker and Loan Officer

When you need a mortgage , you may work with a mortgage banker or you may choose to work with a mortgage broker. It's understandable to confuse them because both will produce the same outcome: a new home. But as you enter the application process, it will benefit you if you know they ways they differ.

Mortgage Brokers

A mortgage broker (either a company or an individual) is an independent agent for the mortgage loan borrower as well as the lender. A mortgage broker facilitates things for you and your lender, which can be one of the following: a credit union, bank, trust company, finance company, mortgage corporation or even a private investor. Acting as a facilitator between you and your lender, your mortgage broker can match you with a bank, trust company, credit union, mortgage corporation, finance company or even an individual, private investor. You use a mortgage broker to examine your financial circumstance and lead you to the lender who has the right loan for you. Your broker will offer your mortgage loan application to various lenders, and works with the chosen lender until closing. The broker is given a commission from the borrower at closing.

Loan Officers

Mortgage Bankers are representatives of a specific lending institution (such as a bank, credit union, etc.) who process mortgages and other loans on behalf of their place of employment alone. There can be a wide range of loans types to draw from even though all are products of that specific lending institution.

Also known as a "loan representative" or "account executive," a loan officer acts of behalf of the borrower to the lending institution. The borrower is helped through the entire process, from selecting a loan to closing, by the mortgage banker. Lending institutions pay their mortgage bankers a salary or commission.

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