New Orleans Mortgage, Broker, Loan Officer

Know what to expect: Mortgage Brokers and Loan Officers

Either a mortgage broker or a mortgage banker can assist you when you apply for a mortgage loan. As a new home is the result of the work of both mortgage broker and loan officer, it's easy to confuse the two job types. But as you begin your application process, it will help if you understand how they differ.

What is a Mortgage Broker?

During the mortgage loan process, an individual or group who is an independent agent for the mortgage loan borrower as well as the lender is a mortgage broker. A mortgage broker facilitates things for you and your lender, which can be one of the following: a bank, trust company, credit union, mortgage corporation, finance company or even a private investor. Acting as a facilitator between you and your lender, your mortgage broker can match you with a bank, trust company, credit union, mortgage corporation, finance company or even an individual, private investor. You work with a mortgage broker to examine your financial circumstance and find the lender who has the best mortgage loan for you. From application to closing, your mortgage broker facilitates your loan process: submitting your application to several lenders, and walking you with the chosen lender through to the closing of your loan. The borrower gives a commission to the broker when the loan closes.

Mortgage Bankers

Loan officers work for a specific lending institution (such as a bank) who work with mortgages and other lending programs originated by their employer alone. Although a mortgage banker may promote quite a variety of loans, they are all programs of that one lender.

A mortgage banker (also known as an "account executive" or "loan representative") acts on behalf of the borrower to the lender. From selecting a loan to closing, a mortgage banker will guide a borrower through the process. Lenders pay their mortgage bankers a salary or commission.

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