Mortgage Broker or Loan Officer

When it comes to applying for a mortgage loan, you may work with a mortgage banker or you may choose to work with a mortgage broker. It's common to confuse the two job types since both will give the same outcome: a new home. But as you begin your application process, it will help if you understand how they differ.

What is a Mortgage Broker?

A mortgage broker is someone or company that is an independent agent for the mortgage loan borrower as well as the lender. Your mortgage broker will stand as facilitator between you and the lending institution; which can be a credit union, bank, trust company, finance company, mortgage corporation or even a private investor. You use a mortgage broker to examine your financial situation and lead you to the lender who has the right loan for you. Your broker will submit your mortgage loan application to various lenders, and works with the chosen lender until closing. Upon closing, the broker's commission is paid by the borrower.

Loan Officers

Lending Institutions (banks, finance companies, and others) employ mortgage bankers to market, and process mortgage loans solely on behalf of that particular institution. There can be an assortment of loans types to choose from even though all are products of that specific lending institution.

Your mortgage banker represents you to the bank or other lending institution. A loan officer will walk you through the application, processing and loan closing. Loan officers are paid a commission or salary for their work by their employers.

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