Mortgage Broker or Mortgage Banker
When you need a mortgage , you should know the difference between a mortgage banker and a mortgage broker. Since both a mortgage broker and lending officer will help you buy your new home, it's understandable to confuse them. But as you begin your application process, it can help if you know how they differ.
About Mortgage Brokers
During the mortgage loan process, an individual or firm who is an independent agent for both mortgage loan applicant and lender is a mortgage broker. A mortgage broker coordinates 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 credit union, bank, trust company, finance company, mortgage corporation or even an individual investor. You use a mortgage broker to review your financial situation and find the lender who has the right loan for you. Your broker will submit your mortgage loan application to a handful of lenders, and works with the chosen lender until the loan closes. The borrower pays a commission to the broker at closing.
About Loan Officers
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to offer, and process mortgage loans on behalf of that specific institution alone. While a loan officer may promote quite a range of loan programs, they are all products of that lender alone.
Also known as a "loan representative" or "account executive," a mortgage banker acts of behalf of the borrower to the lender. The loan officer can walk you through the selection, processing and closing of the loan. Loan officers are paid a commission or salary for their work by their employers.
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