Mortgage Broker or Loan Officer
Either a mortgage broker or a loan officer may work with you when you work on your application for a mortgage . As both reap the same outcome (a new home), it's understandable to confuse the two job types. Yet understanding how they are different will be important to your mortgage loan process.
About Mortgage Brokers
A mortgage broker (either a company 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 bank, trust company, credit union, mortgage corporation, finance company or even a 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. Which lender offers the loans that fits your needs? A mortgage broker will lead you to the best fit. You deliver your loan application to your broker, who submits it to various lenders. Your mortgage broker then assists your work with the lender of choice until the loan closes. The borrower submits a commission to the broker when the loan closes.
About Mortgage Bankers
The biggest difference between a mortgage broker and a loan officer is that the latter works for a lending institution (a bank, credit union, or others) to market and process loans solely from the programs of that institution. They may have the ability to promote loans to fit many different situations, but all the loans are programs of the same lender.
Your loan officer will represent you to the bank or other lending institution. The borrower is helped through the whole process, from loan selection to closing, by the loan officer. Either a salary or commission is paid to loan officers by their employers.
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