Orlando Mortgage, Broker, Loan Officer

Know what to expect: Mortgage Brokers and Mortgage Bankers

Either a mortgage broker or a loan officer can assist you when you work on your application for a mortgage loan. Since both give the same outcome (a new home), it's common to confuse the two. However, it is beneficial to know how they differ so you have clear expectations of them during your mortgage application process.

Mortgage Brokers

A mortgage broker is an individual or firm that is an independent agent for both the mortgage loan borrower and the lender. A mortgage broker coordinates things between you and your lender, which can be one of the following: a credit union, bank, trust company, finance company, mortgage corporation or even an individual, 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 investor. A mortgage broker will look at your financial situation to find out which lender is the best fit for your loan needs. You deliver your mortgage application to your broker, who submits it to one or more lenders. Your mortgage broker then helps you work with the lender chosen until closing. The broker is given a commission from the borrower at closing.

Mortgage Bankers

Mortgage Bankers work for a particular lending institution (such as a bank) who market and process mortgages and other loans on behalf of their employer alone. They may have the ability to offer loans to fit many different situations, but all the loans are products from the same lender.

A mortgage banker will represent you to the bank or other lending institution. The loan officer can help you through the application, processing and closing of the loan. Loan officers are compensated with a commission or salary for their services by their employers.

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