Mortgage Broker and Mortgage Banker

Either a mortgage broker or a loan officer can work with you when you apply for a mortgage loan. People sometimes confuse the two job types as both will reap the same outcome: a new home. Yet it is important to recognize the ways they differ so you have clear expectations of them during the mortgage application process.

Mortgage Brokers

A mortgage broker (either a firm or an individual) 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 bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. A mortgage broker will look at your finances to determine which lender is the right fit for you. Your broker will present your mortgage application to one or more lenders, and works with the chosen lender until closing. The broker gets a commission from the borrower upon closing.

Mortgage Bankers

Loan officers work for a particular lending institution (such as a bank) who process mortgages and other loan products originated by their company alone. While a loan officer may market quite a variety of loan programs, they all are products of that lender alone.

Also known as a "loan representative" or "account executive," a loan officer represents the borrower to the lending institution. From finding a loan to closing, a mortgage banker can help a borrower through the process. Either a salary or commission is paid to loan officers by their employers.

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