Know what to expect: Mortgage Brokers vs. Mortgage Bankers
Either a mortgage broker or a mortgage banker may help you when it's time to get a mortgage loan. As both a mortgage broker and mortgage banker will help you buy your new home, it's understandable to confuse them. Yet knowing the ways they differ will be helpful to your mortgage process.
About Mortgage Brokers
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. Your mortgage broker will stand as facilitator between you and the lending institution; which can be a credit union, bank, trust company, finance company, mortgage corporation or even a private investor. You work with a mortgage broker to look at your financial situation and find the lender who has the best loan for you. From application to closing, your mortgage broker facilitates the loan process: presenting your loan application to a number of lenders, and walking you with the chosen lender through to the closing of the loan. The broker gets a commission from the borrower if the loan closes.
About Loan Officers
Lending Institutions (banks, finance companies, and others) employ loan officers to offer, and process mortgage loans solely originated by that particular institution. They may have the ability to promote loans to fit many different situations, but all the loans are products of the same lender.
Also called a "loan representative" or "account executive," a mortgage banker represents the borrower to the lending institution. From choosing a loan to closing, a mortgage banker will walk a borrower through the process. Either a salary or commission is paid to mortgage brokers by their employers.
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