Know the difference: Mortgage Brokers vs. Loan Officers
Either a mortgage broker or a mortgage banker may help you when you need a mortgage . People can confuse these because both will yield the same outcome: a new home. However, knowing the differences between them will be advantageous to your mortgage loan process.
About Mortgage Brokers
During the mortgage loan process, an individual or group who is an independent agent for the mortgage loan borrower as well as the lender is a mortgage broker. A mortgage broker facilitates things for you and your lender, which can be one of the following: a credit union, bank, trust company, finance company, mortgage corporation or even an individual 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 a private investor. A mortgage broker will consider your finances to find out which lender is the right fit for your loan needs. From application to closing, your mortgage broker works with you: submitting your loan application to several lenders, and walking you with the chosen lender through to the closing of the loan. Upon closing, the broker's commission is given by the borrower.
What is a Loan Officer?
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to promote, and process loans originated by that specific institution alone. They may be able to promote loans to fit many different situations, but all the loans will be programs from the same lender.
A mortgage banker represents you to the bank or other lending institution. From finding a loan to closing, a mortgage banker can help a borrower through the process. Loan officers are given a commission or salary for their services by their employers.
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