Maspeth Mortgage, Broker, Loan Officer
Mortgage Broker vs. Mortgage Banker
Either a mortgage broker or a mortgage banker may help you when you're looking to get a mortgage loan. Because both a mortgage broker and mortgage banker can help you fund your new home, people sometimes confuse the two. However, understanding how they are different will be helpful to your mortgage process.
During the mortgage loan process, an individual or group who is an independent agent for both mortgage loan borrower and lender is a mortgage broker. Your mortgage broker will stand as coordinator between you and the lending institution; which can be a bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. You work with a mortgage broker to consider your financial circumstance and find the lender who has the best loan program for you. From application to closing, your mortgage broker works with you: presenting your mortgage application to a number of lenders, and walking you with the chosen lender through to closing. The broker gets a commission from the borrower upon closing.
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to promote, and process mortgage loans from that particular institution alone. They may be able to promote loans to fit a variety of situations, but all the loans will be products of the same lender.
A loan officer (also called an "account executive" or "loan representative") represents the borrower to the lender. The mortgage banker can guide you through the selection, processing and loan closing. Lenders compensate their loan officers with a commission or salary.
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