Mortgage Broker and Loan Officer
When you work on your application for a mortgage , you need to know the difference between a mortgage banker and a mortgage broker. Because a new home is the result of the work of both mortgage broker and mortgage banker, people usually confuse the two job types. But for the application process, it can benefit you if you know their differences.
A mortgage broker (either a firm or an individual) is an independent agent for both the mortgage loan applicant and the lender. A mortgage broker coordinates 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, private investor. Which lender has the loan programs that fits your needs? A mortgage broker will help you find the right one. Your broker will submit your mortgage loan application to several lenders, and works with the chosen lender until the loan closes. Upon closing, the broker's commission is paid by the borrower.
About Mortgage Bankers
Mortgage Bankers represent a specific lending institution (such as a bank) who work with mortgages and other lending programs for their employer alone. Although a mortgage banker may market quite a variety of loans, they all are products with that specific lender.
A mortgage banker will represent you to the bank or other lending institution. The loan officer will help the borrower through the selection, processing and loan closing. Lending institutions pay their loan officers a salary or commission.
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