Mortgage Broker vs. Loan Officer
When it's time to locate a mortgage loan, you should know the difference between a loan officer and a mortgage broker. It's easy to confuse these because both will yield the same outcome: a new home. However, it will be beneficial to know the difference between the two jobs so you have clear expectations of them as you enter the mortgage application process.
About Mortgage Brokers
A mortgage broker is someone or group that is an independent agent for the mortgage loan borrower as well as 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. You partner with a mortgage broker to look at your financial circumstance and find the lender who has the right loan for you. You deliver your loan application to your broker, who submits it to one or more lenders. Your mortgage broker then guides your work with the lender chosen until the closing of the loan. The broker is given a commission from the borrower at closing.
Mortgage Bankers work for a particular lending institution (such as a bank, credit union, etc.) who process mortgages and other loans on behalf of their company alone. There may be an assortment of loans types to choose from even though all are products of that specific lender.
Also known as a "loan representative" or "account executive," a mortgage banker acts of behalf of the borrower to the lender. A loan officer can walk you through the application, processing and closing of the loan. Either a salary or commission is paid to mortgage brokers by their employers.
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