New Orleans Mortgage, Broker, Loan Officer
Mortgage Broker or Mortgage Banker
Either a mortgage broker or a mortgage banker can work with you when you work on your application for a mortgage . As both a mortgage broker and lending officer will help you purchase your new home, it's common to confuse them. However, knowing the ways they differ is valuable to the mortgage loan process.
During the mortgage loan process, an individual or group who is an independent agent for both mortgage loan applicant and lender is a mortgage broker. Your mortgage broker will stand as facilitator between you and the lending institution; which may be a bank, trust company, credit union, mortgage corporation, finance company or even an individual, private investor. Which lender has the loans that is best for you? A mortgage broker will lead you to the right one. You deliver your loan application to your broker, who offers it to various lenders. Your mortgage broker then guides your work with the lender chosen until closing. At closing, the broker's commission is paid by the borrower.
What is a Mortgage Banker?
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to offer, and process mortgage loans solely originated by that particular institution. There may be a variety of loans types to draw from, but all are programs of that specific lender.
Your loan officer represents you to the bank or other lending institution. From finding a loan program to closing, a mortgage banker will help you through the process. Lenders give their mortgage bankers a commission or salary.
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