Lees Summit Mortgage, Broker, Loan Officer
Know the difference: Mortgage Brokers vs. Loan Officers
When it comes to finding a mortgage , you need to know the difference between a loan officer and a mortgage broker. Because both produce the same outcome (a new home), people sometimes confuse the two job types. But as you begin the application process, it will benefit you if you know their differences.
About Mortgage Brokers
A mortgage broker is a person or firm that serves as an independent agent for the mortgage loan borrower as well as the lender. Your mortgage broker will stand as coordinator between you and the lending institution; which may be a bank, trust company, credit union, mortgage corporation, finance company or even an individual, private investor. You partner with a mortgage broker to examine your financial circumstance and find the lender who has the right loan program for you. You deliver your loan application to your broker, who offers it to one or more lenders. Your mortgage broker then assists your work with the lender chosen until closing. The borrower pays a commission to the broker when the loan closes.
Mortgage Bankers represent a specific lending institution (such as a bank) who market and process mortgages and other loans on behalf of their employer alone. They may have the ability to offer loans to fit a variety of situations, but all the loans are programs from the same lender.
Also known as a "loan representative" or "account executive," a loan officer represents the borrower to the lending institution. The mortgage banker can walk you through the application, processing and loan closing. Either a salary or commission is given to mortgage brokers by their employers.
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