Mortgage Broker or Loan Officer
Either a mortgage broker or a mortgage banker may assist you when you're looking to get a mortgage . As a new home is the result of the work of both mortgage broker and loan officer, it's easy to confuse them. But as you enter the application process, it can benefit you if you understand their differences.
About Mortgage Brokers
During the mortgage loan process, an individual or group who is an independent agent for the mortgage loan borrower as well as the lender is a mortgage broker. A mortgage broker facilitates things between you and your lender, which can be one of the following: a bank, trust company, credit union, mortgage corporation, finance company or even an individual, private investor. Acting as a facilitator between you and your lender, your mortgage broker can match you with a bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. A mortgage broker can look at your numbers to find out which lender is the best fit for you. Your broker will present your mortgage loan application to a handful of lenders, and works with the lender of choice until closing. If the loan closes, the broker's commission comes from the borrower.
Loan officers represent a particular lending institution (such as a bank, credit union, etc.) who process mortgages and other lending programs for their company alone. While a loan officer may offer quite a variety of loan programs, they all are products of that particular lender.
Also known as a "loan representative" or "account executive," a loan officer acts of behalf of the borrower to the lender. The borrower is guided through the entire process, from loan selection to closing, by the mortgage banker. Either a salary or commission is given to mortgage brokers by their employers.
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