Orlando Mortgage, Broker, Loan Officer
Know what to expect: Mortgage Brokers vs. Mortgage Bankers
Either a mortgage broker or a loan officer may work with you when you're looking to get a mortgage . Since a new home is the result of the work of both mortgage broker and loan officer, people usually confuse them. But as you begin your application process, it can help if you understand their differences.
About Mortgage Brokers
A mortgage broker is someone or company that is an independent agent for both the mortgage loan applicant and the lender. A mortgage broker facilitates things for 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, private investor. A mortgage broker can examine your finances to determine which lender is the best fit for you. Your broker will offer your mortgage application to various lenders, and works with the lender of choice until closing. The borrower submits a commission to the broker at closing.
About Loan Officers
Mortgage Bankers represent a particular lending institution (such as a bank, credit union, etc.) who process mortgages and other loans originated by their employer alone. Although a loan officer may promote quite a range of loans, they will be programs from that particular lender.
A mortgage banker (also called an "account executive" or "loan representative") acts on behalf of the borrower to the lender. The mortgage banker will guide the borrower through the application, processing and closing of the loan. Lending institutions give their loan officers a salary or commission.
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