Hollywood Mortgage, Broker, Loan Officer
Know what to expect: Mortgage Brokers vs. Mortgage Bankers
Either a mortgage broker or a loan officer may work with you when you need a mortgage loan. As both yield the same outcome (a new home), people usually confuse the two. But for the application process, it will benefit you if you understand their differences.
During the mortgage loan process, an individual or firm who is an independent agent for both mortgage loan borrower 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 bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. You use a mortgage broker to consider your financial circumstance and find the lender who has the right loan for you. Your broker will submit your loan application to one or more lenders, and works with the chosen lender until the loan closes. The borrower pays a commission to the broker if the loan closes.
Mortgage Bankers represent a particular lending institution (such as a bank, credit union, etc.) who work with mortgages and other loans from their place of employment alone. There can be an assortment of loans types to draw from even though all are programs of that particular lender.
A loan officer (also called an "account executive" or "loan representative") represents the borrower to the lending institution. From choosing a loan product to closing, a loan officer can guide the borrower through the process. Mortgage bankers can be paid a commission or salary for their work by their employers.
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