Mortgage Broker and Loan Officer

Either a mortgage broker or a mortgage banker can work with you when you're looking to get a mortgage loan. Since both a mortgage broker and lending officer will help you buy your new home, it's understandable to confuse the two. But for the application process, it can help if you know their differences.

What is a Mortgage Broker?

A mortgage broker (either a firm or an individual) is an independent agent for the mortgage loan borrower as well as the lender. A mortgage broker facilitates 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 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 a private investor. You partner with a mortgage broker to analyze your financial situation and lead you to the lender who has the best loan program for you. From application to closing, your mortgage broker facilitates your loan process: offering your mortgage application to several lenders, and walking you with the chosen lender through to closing. Upon closing, the broker's commission is given by the borrower.

About Mortgage Bankers

Lending Institutions (banks, finance companies, and others) employ mortgage bankers to market, and process loans from that particular institution alone. Although a mortgage banker may market quite a range of loan programs, they are all products from that lender alone.

A loan officer (also called an "account executive" or "loan representative") acts on behalf of the borrower to the lender. The loan officer can walk you through the selection, processing and closing of the loan. Mortgage bankers will be given a commission or salary for their work by their employers.

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