Mortgage Broker and Loan Officer
When it comes to finding a mortgage , you may work with a mortgage banker or you may choose to work with a mortgage broker. People often confuse them as both will reap the same outcome: a new home. But for the application process, it will help if you know their differences.
What is a Mortgage Broker?
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 facilitates things for 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 credit union, bank, trust company, finance company, mortgage corporation or even an individual, private investor. You work with a mortgage broker to consider your financial situation and find the lender who has the right loan program for you. Your broker will offer your mortgage application to one or more lenders, and works with the lender of choice until closing. At closing, the broker's commission comes from the borrower.
About Loan Officers
Mortgage Bankers are representatives of a particular lending institution (such as a bank) who process mortgages and other loans originated by their employer alone. Although a mortgage banker may offer quite a variety of loans, they are all products with that one lender.
A loan officer (also called an "account executive" or "loan representative") acts on behalf of the borrower to the lending institution. The borrower is helped through the entire process, from choosing a loan to closing, by the mortgage banker. Mortgage bankers are paid a commission or salary for their work by their employers.
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