Know what to expect: Mortgage Brokers and Loan Officers
When it comes to getting a mortgage loan, you need to know the difference between a mortgage broker and a loan officer. People frequently confuse the two job types because both will reap the same outcome: a new home. But as you begin the application process, it can help if you understand how they are different.
During the mortgage loan process, an individual or company 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 can be a bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. You partner with a mortgage broker to look at your financial circumstance and lead you to the lender who has the best loan for you. From application to closing, your mortgage broker facilitates the loan process: offering your mortgage application to a number of lenders, and walking you with the chosen lender through to the closing of the loan. The borrower pays a commission to the broker when the loan closes.
About Mortgage Bankers
The biggest difference between a mortgage broker and a mortgage banker is that a mortgage banker works for a lending institution (a bank, credit union, or others) to process loans only originated from that institution. There can be an assortment of loans types to draw from even though all are programs of that specific lender.
Your loan officer will represent you to the bank or other lending institution. A mortgage banker will guide you through the selection, processing and loan closing. Either a salary or commission is paid to mortgage brokers by their employers.
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