Mortgage Broker and Loan Officer

Either a mortgage broker or a mortgage banker may help you when it's time to locate a mortgage loan. Because both a mortgage broker and mortgage banker can help you fund your new home, it's easy to confuse the two. But as you begin your application process, it can benefit you if you recognize how they are different.

Mortgage Brokers

A mortgage broker is an individual or company that is an independent agent for the mortgage loan borrower as well as the lender. A mortgage broker coordinates things between you and your lender, which can be one of the following: a credit union, bank, trust company, finance company, mortgage corporation or even an individual, 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 an individual, private investor. Which lender has the mortgage loans that is best for you? A mortgage broker will help you find the best fit. From application to closing, your mortgage broker facilitates the loan process: presenting your loan application to several lenders, and walking you with the chosen lender through to the closing of your loan. The broker gets a commission from the borrower at closing.

About Mortgage Bankers

Lending Institutions (banks, finance companies, and others) employ loan officers to market, and process mortgage loans on behalf of that specific institution alone. There may be a wide variety of loans types to choose from although all are programs of that particular lender.

Your mortgage banker will represent you to the bank or other lending institution. From choosing a loan product to closing, a mortgage banker will help a borrower through the process. Either a salary or commission is paid to loan officers by their employers.

Looking for mortgage advice? We'd be thrilled to answer your questions about our many mortgage solutions! Call us at 718-6399-500. Want to get started? Apply Online Now.

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Channel Mortgage LLC

Connecting the Dots to Home Ownership

55-25 69th Street 1st Floor
Maspeth, NY 11378-1806