Know what to expect: Mortgage Brokers vs. Loan Officers
When you're looking to get a mortgage , you need to know the difference between a mortgage banker and a mortgage broker. Because both a mortgage broker and lending officer can help you buy your new home, people usually confuse the two. But as you enter the application process, it can benefit you if you recognize their differences.
What is a Mortgage Broker?
A mortgage broker is an individual or firm that works as an independent agent for the mortgage loan borrower as well as the lender. Your mortgage broker will stand as coordinator between you and the lending institution; which can be a credit union, bank, trust company, finance company, mortgage corporation or even a private investor. A mortgage broker will consider your numbers to determine which lender is the best fit for your loan needs. Your broker will present your mortgage application to a handful of lenders, and works with the chosen lender until closing. At closing, the broker's commission comes from the borrower.
About Mortgage Bankers
Mortgage Bankers work for a particular lending institution (such as a bank) who promote and process mortgages and other loan products on behalf of their employer alone. There may be an assortment of loans types to choose from, but all are products of that particular lending institution.
A mortgage banker represents you to the bank or other lending institution. The borrower is guided through the whole process, from loan selection to closing, by the mortgage banker. Lenders pay their loan officers a salary or commission.
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