Maspeth Mortgage, Broker, Loan Officer
Know what to expect: Mortgage Brokers vs. Loan Officers
When you work on your application for a mortgage loan, you may work with a loan officer or you may choose to work with a mortgage broker. Since a new home is the outcome of the work of both mortgage broker and mortgage banker, it's understandable to confuse them. But as you enter your application process, it will help if you recognize their differences.
What is a Mortgage Broker?
A mortgage broker is someone or group that is an independent agent for the mortgage loan applicant 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 a private investor. Which lender has the mortgage loans that fits your financial situation? A mortgage broker will help you find the right one. Your broker will present your mortgage application to one or more lenders, and works with the lender of choice until the loan closes. The borrower pays a commission to the broker when the loan closes.
About Mortgage Bankers
Mortgage Bankers represent a particular lending institution (such as a bank, credit union, etc.) who process mortgages and other loan programs from their company alone. While a mortgage banker may offer quite a range of loan programs, they will be programs with that lender alone.
Also known as a "loan representative" or "account executive," a loan officer acts of behalf of the borrower to the lender. A mortgage banker will help the borrower through the application, processing and loan closing. Lenders compensate their loan officers with a salary or commission.
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