Mortgage Broker or Loan Officer

When you're looking to get a mortgage loan, you may work with a mortgage banker or you may choose to work with a mortgage broker. Because both give the same outcome (a new home), it's understandable to confuse them. But as you enter the application process, it will benefit you if you recognize they ways they differ.

Mortgage Brokers

A mortgage broker (either a company or an individual) is an independent agent for the mortgage loan applicant as well as the lender. Your mortgage broker will stand as facilitator between you and the lending institution; which can be a bank, trust company, credit union, mortgage corporation, finance company or even a private investor. A mortgage broker will look at your finances to find out which lender is the right fit for your loan needs. Your broker will offer your mortgage application to several lenders, and works with the chosen lender until closing. At closing, the broker's commission comes from the borrower.

Loan Officers

Lending Institutions (banks, finance companies, and others) employ mortgage bankers to market, and process mortgage loans from that specific institution alone. There can be a variety of loans types to choose from even though all are programs of that specific lending institution.

A loan officer (also known as an "account executive" or "loan representative") acts on behalf of the borrower to the lender. A loan officer will walk the borrower through the application, processing and closing of the loan. Either a salary or commission is paid to loan officers by their employers.

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