Mortgage Broker and Mortgage Banker
Either a mortgage broker or a mortgage banker can assist you when it comes to applying for a mortgage . Because both produce the same result (a new home), people sometimes confuse the two. However, recognizing how they differ is important to the mortgage loan process.
A mortgage broker is an individual or company that is an independent agent for both the mortgage loan applicant and the lender. A mortgage broker coordinates 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 an individual, private 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 investor. You work with a mortgage broker to consider your financial situation and lead you to the lender who has the best loan for you. From application to closing, your mortgage broker works with you: offering your application to a number of lenders, and coordinating the process with the lender through to closing. The borrower pays a commission to the broker upon closing.
About Mortgage Bankers
Loan officers represent a particular lending institution (such as a bank) who promote and process mortgages and other loan products on behalf of their place of employment alone. They may be able to offer loans to fit many different situations, but all the loans are programs from the same lender.
Also known as a "loan representative" or "account executive," a mortgage banker acts of behalf of the borrower to the lending institution. The borrower is helped through the whole process, from selecting a loan to closing, by the mortgage banker. Loan officers are compensated with a commission or salary for their work by their employers.
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