Lees Summit Mortgage, Broker, Loan Officer
Know what to expect: Mortgage Brokers vs. Loan Officers
When it comes to locating a mortgage loan, you should know the difference between a mortgage banker and a mortgage broker. It's understandable to confuse the two job types since both will give the same outcome: a new home. But as you enter the application process, it can help if you understand they ways they differ.
What is a Mortgage Broker?
A mortgage broker (either a group or an individual) is an independent agent for both the mortgage loan applicant and the lender. Your mortgage broker will stand as facilitator between you and the lending institution; which may be a credit union, bank, trust company, finance company, mortgage corporation or even an individual investor. Which lender has the loans that is right for you? A mortgage broker will help you find the best one. You deliver your application to your broker, who presents it to a number of lenders. Your mortgage broker then assists your work with the lender of choice until the loan closes. The broker receives a commission from the borrower at closing.
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to promote, and process mortgage loans from that particular institution alone. There may be an assortment of loans types to draw from, but all are products of that specific lender.
A mortgage banker (also known as an "account executive" or "loan representative") acts on behalf of the borrower to the lender. From finding a loan program to closing, a loan officer can guide you through the process. Loan officers can be paid a commission or salary for their work by their employers.
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