Mortgage Broker or Loan Officer
Either a mortgage broker or a mortgage banker can assist you when you work on your application for a mortgage . It's common to confuse them since both will reap the same result: a new home. However, it is valuable to recognize how they differ so you know what to expect from them during the mortgage process.
A mortgage broker (either a group or an individual) is an independent agent for both the mortgage loan borrower and the lender. Your mortgage broker will stand as facilitator between you and the lending institution; which can be a credit union, bank, trust company, finance company, mortgage corporation or even an individual investor. Which lender has the loans that is best for you? A mortgage broker will help you find the right one. You give your mortgage loan application to your broker, who submits it to one or more lenders. Your mortgage broker then guides your work with the lender of choice until the closing of the loan. At closing, the broker's commission comes from the borrower.
About Mortgage Bankers
Lending Institutions (banks, finance companies, and others) employ loan officers to market, and process mortgage loans solely originated by that specific institution. They may have the ability to offer loans to fit a variety of situations, but all the loans are products from the same lender.
Your loan officer will represent you to the bank or other lending institution. The mortgage banker can guide the borrower through the selection, processing and closing of the loan. Loan officers are given a commission or salary for their work by their employers.
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