New Orleans Mortgage, Broker, Loan Officer

Mortgage Broker or Loan Officer

When it comes to locating a mortgage loan, you may work with a mortgage banker or you may choose to work with a mortgage broker. As both give the same result (a new home), people often confuse the two. But as you enter your application process, it can benefit you if you know how they differ.

Mortgage Brokers

A mortgage broker (either a company or an individual) is an independent agent for both the mortgage loan borrower and the lender. 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 credit union, bank, trust company, finance company, mortgage corporation or even a private investor. You use a mortgage broker to look at your financial circumstance and find the lender who has the right mortgage loan for you. From application to closing, your mortgage broker facilitates your loan process: presenting your mortgage application to a number of lenders, and coordinating the process with the lender through to the closing of the loan. The broker gets a commission from the borrower at closing.

Loan Officers

The biggest difference between a mortgage broker and a mortgage banker is that a loan officer is employed by a lending institution (a bank, credit union, or others) to promote and process loans solely originated from that institution. Although a mortgage banker may offer quite a range of loans, they are all programs from that lender alone.

Your mortgage banker will represent you to the bank or other lending institution. From finding a loan program to closing, a loan officer will guide you through the process. Mortgage bankers are paid a commission or salary for their work by their employers.

In the market for a new mortgage loan? We'll be glad to talk about our mortgage offerings! Give us a call at 504-866-5626. Ready to get started? Apply Now.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question