Maspeth Mortgage, Broker, Loan Officer
Mortgage Broker or Loan Officer
Either a mortgage broker or a mortgage banker can assist you when you need a mortgage . People can confuse the two job types since both will reap the same outcome: a new home. Yet it is valuable to recognize the ways they differ so you have clear expectations of them during your mortgage process.
A mortgage broker is an individual or group that is an independent agent for the mortgage loan borrower as well as the lender. Your mortgage broker will stand as coordinator between you and the lending institution; which may be a bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. Which lender offers the loan programs that is right for you? A mortgage broker will guide you to the right fit. You give your loan application to your broker, who presents it to a number of lenders. Your mortgage broker then guides your work with the lender of choice until closing. The borrower gives a commission to the broker if the loan closes.
About Loan Officers
Lending Institutions (banks, finance companies, and others) employ loan officers to promote, and process mortgage loans from that specific institution alone. Although a mortgage banker may promote quite a variety of loan programs, they will be products from that particular lender.
Also called a "loan representative" or "account executive," a mortgage banker acts of behalf of the borrower to the lender. The borrower is helped through the whole process, from selecting a loan to closing, by the loan officer. Either a salary or commission is paid to mortgage brokers by their employers.
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