Mortgage Broker and Loan Officer
When you're looking to get a mortgage loan, you may work with a loan officer or you may choose to work with a mortgage broker. People usually confuse these as both will give the same outcome: a new home. But for your application process, it can benefit you if you know their differences.
A mortgage broker is an individual or group that 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 bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. A mortgage broker can consider your numbers to determine which lender is the right fit for your loan needs. Your broker will submit your loan application to various lenders, and works with the lender of choice until closing. When the loan closes, the broker's commission is given by the borrower.
What is a Mortgage Banker?
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to promote, and process loans solely originated by that particular institution. They may have the ability to offer loans to fit a variety of situations, but all the loans will be products of the same lender.
Your loan officer will represent you to the bank or other lending institution. A loan officer can guide the borrower through the selection, processing and loan closing. Lending institutions give their loan officers a commission or salary.
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