Mortgage Broker or Mortgage Banker
When you need a mortgage , you may work with a loan officer or you may choose to work with a mortgage broker. People can confuse the two job types because both will reap the same outcome: a new home. But as you begin the application process, it can benefit you if you know how they differ.
About Mortgage Brokers
A mortgage broker is a person 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 a private investor. Acting as a facilitator between you and your lender, your mortgage broker can match you with a credit union, bank, trust company, finance company, mortgage corporation or even an individual, private investor. You use a mortgage broker to look at your financial situation and find the lender who has the best mortgage loan for you. Your broker will present your mortgage application to one or more lenders, and works with the lender of choice until closing. The borrower pays a commission to the broker upon closing.
About Loan Officers
Lending Institutions (banks, finance companies, and others) employ loan officers to promote, and process mortgage loans on behalf of that particular institution alone. There may be an assortment of loans types to draw from even though all are products of that specific lending institution.
A mortgage banker will represent you to the bank or other lending institution. The loan officer can walk you through the application, processing and closing of the loan. Lending institutions pay their loan officers a salary or commission.
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