Maspeth Mortgage, Broker, Loan Officer
Know what to expect: Mortgage Brokers and Loan Officers
Either a mortgage broker or a loan officer may work with you when you're looking to get a mortgage loan. Because both yield the same outcome (a new home), people frequently confuse the two. Yet it will be useful to understand the ways they differ so you know what to expect from them during the mortgage application process.
During the mortgage loan process, an individual or group who is an independent agent for the mortgage loan applicant as well as the lender is a mortgage broker. Your mortgage broker will stand as facilitator between you and the lending institution; which may be a credit union, bank, trust company, finance company, mortgage corporation or even an individual investor. A mortgage broker will look at your finances to find out which lender is the best fit for you. You give your mortgage loan application to your broker, who offers it to various lenders. Your mortgage broker then guides your work with the lender of choice until closing. The borrower pays a commission to the broker at closing.
Loan officers work for a specific lending institution (such as a bank, credit union, etc.) who market and process mortgages and other loans originated by their place of employment alone. They may have the ability to offer loans to fit many different situations, but all the loans will be products from the same lender.
Also known as a "loan representative" or "account executive," a loan officer acts of behalf of the borrower to the lender. The loan officer can guide the borrower through the application, processing and loan closing. Lenders give their mortgage bankers a commission or salary.
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