Mortgage Broker and Loan Officer
When you're looking to get a mortgage loan, you may work with a mortgage banker or you may choose to work with a mortgage broker. People often confuse the two because both will reap the same outcome: a new home. But as you enter the application process, it will benefit you if you know how they are different.
A mortgage broker (either a firm or an individual) is an independent agent for the mortgage loan applicant as well as the lender. 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 investor. Which lender offers the loans that is right for you? A mortgage broker will lead you to the right one. From application to closing, your mortgage broker works with you: submitting your mortgage application to a number of lenders, and walking you with the chosen lender through to closing. The borrower pays a commission to the broker when the loan closes.
About Mortgage Bankers
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to offer, and process mortgage loans originated by that specific institution alone. They may have the ability to offer loans to fit a variety of situations, but all the loans will be products from the same lender.
Also called a "loan representative" or "account executive," a mortgage banker acts of behalf of the borrower to the lending institution. From finding a loan program to closing, a mortgage banker can guide the borrower through the process. Loan officers will be compensated with a commission or salary for their work by their employers.
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