Altamonte Springs Mortgage, Broker, Loan Officer
Know the difference: Mortgage Brokers vs. Loan Officers
When it comes to applying for a mortgage loan, you may work with a mortgage banker or you may choose to work with a mortgage broker. Since both a mortgage broker and mortgage banker will help you fund a new home, people sometimes confuse them. However, recognizing the ways they differ is important to the mortgage process.
About Mortgage Brokers
During the mortgage loan process, an individual or firm who is an independent agent for both mortgage loan applicant and lender is a mortgage broker. 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. A mortgage broker will look at your numbers to determine which lender is the right fit for you. You give your loan application to your broker, who presents it to one or more lenders. Your mortgage broker then guides your work with the lender of choice until the closing of the loan. The broker receives a commission from the borrower upon closing.
The biggest difference between a mortgage broker and a mortgage banker is that a mortgage banker is employed by a lending institution (a bank, credit union, or others) to process loans solely from that institution. They may have the ability to offer loans to fit many different situations, but all the loans are programs from the same lender.
A loan officer (also known as an "account executive" or "loan representative") represents the borrower to the lender. From selecting a loan program to closing, a mortgage banker can help a borrower through the process. Either a salary or commission is given to mortgage brokers by their employers.
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