Mortgage Broker or Mortgage Banker
Either a mortgage broker or a mortgage banker can help you when you need a mortgage . As a new home is the result of the work of both mortgage broker and mortgage banker, it's understandable to confuse the two job types. However, knowing how they are different is useful to the mortgage process.
A mortgage broker (either a company or an individual) is an independent agent for both the mortgage loan borrower and the lender. 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, 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 a private investor. Which lender has the mortgage loans that fits your financial situation? A mortgage broker will guide you to the right one. From application to closing, your mortgage broker facilitates the loan process: presenting your application to several lenders, and walking you with the chosen lender through to closing. The broker gets a commission from the borrower when the loan closes.
About Mortgage Bankers
Mortgage Bankers work for a particular lending institution (such as a bank) who offer and process mortgages and other loan programs on behalf of their place of employment alone. They may have the ability to promote loans to fit a variety of situations, but all the loans will be programs of the same lender.
A loan officer represents you to the bank or other lending institution. From finding a loan product to closing, a mortgage banker can walk a borrower through the process. Loan officers are paid a commission or salary for their work by their employers.
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