Mortgage Broker or Mortgage Banker
When it's time to find a mortgage , you should know the difference between a mortgage banker and a mortgage broker. Since both reap the same result (a new home), people can confuse them. Yet recognizing how they are different is important to the mortgage process.
A mortgage broker is a person or company that is an independent agent for both the mortgage loan borrower and the lender. Your mortgage broker will stand as coordinator between you and the lending institution; which may be a credit union, bank, trust company, finance company, mortgage corporation or even an individual investor. A mortgage broker will consider your financial situation 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 the loan closes. The broker receives a commission from the borrower at closing.
What is a Loan Officer?
Lending Institutions (banks, finance companies, and others) employ loan officers to promote, and process loans solely on behalf of that specific institution. They may have the ability to market loans to fit many different situations, but all the loans are products of the same lender.
Also called a "loan representative" or "account executive," a mortgage banker acts of behalf of the borrower to the lender. From finding a loan to closing, a loan officer can guide you through the process. Either a salary or commission is given to loan officers by their employers.
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