Mortgage Broker or Loan Officer
When you apply for a mortgage loan, you should know the difference between a mortgage broker and a loan officer. As both produce the same outcome (a new home), it's common to confuse the two job types. However, recognizing how they are different will be advantageous to your mortgage process.
About Mortgage Brokers
During the mortgage loan process, an individual or company who is an independent agent for the mortgage loan borrower as well as the lender is a mortgage broker. Your mortgage broker will stand as facilitator between you and the lending institution; which may be a credit union, bank, trust company, finance company, mortgage corporation or even a private investor. A mortgage broker can consider your numbers to find out which lender is the best fit for you. Your broker will submit your mortgage application to a handful of lenders, and works with the chosen lender until the loan closes. The borrower gives a commission to the broker if the loan closes.
About Mortgage Bankers
Lending Institutions (banks, finance companies, and others) employ loan officers to market, and process mortgage loans on behalf of that specific institution alone. They may have the ability to promote loans to fit many different situations, but all the loans are programs from the same lender.
Also called a "loan representative" or "account executive," a mortgage banker represents the borrower to the lender. From finding a loan to closing, a loan officer will walk the borrower through the process. Lenders pay their mortgage bankers a salary or commission.
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