Lees Summit Mortgage, Broker, Loan Officer
Mortgage Broker and Mortgage Banker
When you work on your application for a mortgage , you may work with a mortgage banker or you may choose to work with a mortgage broker. Because a new home is the outcome of the work of both mortgage broker and mortgage banker, people sometimes confuse the two job types. Yet it will be beneficial to know the difference between the two jobs so you know what to expect from them during the mortgage application process.
During the mortgage loan process, an individual or group who is an independent agent for the mortgage loan borrower as well as the lender is a mortgage broker. A mortgage broker facilitates things for you and your lender, which can be one of the following: a credit union, bank, trust company, finance company, mortgage corporation or even an individual 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. A mortgage broker will look at your finances to determine which lender is the best fit for you. You deliver your application to your broker, who submits it to various lenders. Your mortgage broker then guides your work with the lender chosen until the closing of the loan. The borrower submits a commission to the broker if 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 process loans only originated from that institution. They may have the ability to promote loans to fit many different situations, but all the loans will be products of the same lender.
A loan officer (also known as an "account executive" or "loan representative") represents the borrower to the lending institution. The borrower is guided through the entire process, from loan selection to closing, by the mortgage banker. Lending institutions pay their loan officers a commission or salary.
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