Altamonte Springs Mortgage, Broker, Loan Officer
Know the difference: Mortgage Brokers vs. Loan Officers
Either a mortgage broker or a mortgage banker may help you when it's time to find a mortgage loan. Since a new home is the outcome of the work of both mortgage broker and mortgage banker, it's common to confuse the two. Yet it is beneficial to understand the ways they differ so you have clear expectations of them during the mortgage application process.
About Mortgage Brokers
A mortgage broker (either a group or an individual) is an independent agent for the mortgage loan applicant as well as the lender. Your mortgage broker will stand as coordinator between you and the lending institution; which may be a bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. You use a mortgage broker to review your financial circumstance and find the lender who has the best mortgage loan for you. From application to closing, your mortgage broker works with you: offering your loan application to a number of lenders, and walking you with the chosen lender through to the closing of your loan. The broker receives a commission from the borrower at closing.
What is a Loan Officer?
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to offer, and process mortgage loans originated by that specific institution alone. There may be a wide range of loans types to draw from although all are products of that specific lender.
A loan officer (also known as an "account executive" or "loan representative") acts on behalf of the borrower to the lender. The borrower is walked through the entire process, from selecting the loan to closing, by the mortgage banker. Either a salary or commission is given to loan officers by their employers.
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