Altamonte Springs Mortgage, Broker, Loan Officer
Know the difference: Mortgage Brokers vs. Loan Officers
When you're looking to get a mortgage loan, you need to know the difference between a mortgage broker and a loan officer. It's common to confuse the two because both will yield the same result: a new home. But for the application process, it will benefit you if you understand how they differ.
During the mortgage loan process, an individual or firm who is an independent agent for the mortgage loan applicant as well as the lender is a mortgage broker. A mortgage broker coordinates things between 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 investor. A mortgage broker will review your finances to determine which lender is the right fit for your loan needs. From application to closing, your mortgage broker facilitates the loan process: presenting your application to several lenders, and walking you with the chosen lender through to the closing of the loan. The borrower gives a commission to the broker at closing.
About Mortgage Bankers
Lending Institutions (banks, finance companies, and others) employ loan officers to market, and process mortgage loans from that specific institution alone. They may be able to promote loans to fit many different situations, but all the loans are products from the same lender.
A mortgage banker (also called an "account executive" or "loan representative") represents the borrower to the lending institution. The borrower is guided through the whole process, from loan selection to closing, by the loan officer. Loan officers are compensated with a commission or salary for their services by their employers.
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