Mortgage Broker or Loan Officer

Either a mortgage broker or a loan officer can assist you when you work on your application for a mortgage loan. Since both give the same result (a new home), people can confuse them. Yet it is useful to know the ways they differ so you have clear expectations of them as you enter your mortgage process.

About Mortgage Brokers

During the mortgage loan process, an individual or group who is an independent agent for both mortgage loan applicant and lender is a mortgage broker. A mortgage broker coordinates 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, 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 work with a mortgage broker to examine your financial circumstance and find the lender who has the best loan for you. You deliver your mortgage application to your broker, who submits it to various lenders. Your mortgage broker then assists your work with the lender chosen until closing. The broker is given a commission from the borrower at closing.

Loan Officers

Loan officers work for a specific lending institution (such as a bank) who work with mortgages and other loan products on behalf of their employer alone. They may be able to market loans to fit many different situations, but all the loans are programs from the same lender.

A loan officer (also called an "account executive" or "loan representative") represents the borrower to the lender. From choosing a loan to closing, a mortgage banker can guide you through the process. Mortgage bankers will be given a commission or salary for their services by their employers.

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