Mortgage Broker vs. Loan Officer

Either a mortgage broker or a loan officer may work with you when it comes to finding a mortgage . Because a new home is the outcome of the work of both mortgage broker and mortgage banker, it's common to confuse the two job types. But as you enter the application process, it will benefit you if you know their differences.

What is a Mortgage Broker?

A mortgage broker (either a company or an individual) is an independent agent for the mortgage loan borrower as well as the lender. A mortgage broker coordinates things between you and your lender, which can be one of the following: a bank, trust company, credit union, mortgage corporation, finance company 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 an individual investor. Which lender offers the mortgage loans that fits your financial situation? A mortgage broker will help you find the best one. From application to closing, your mortgage broker facilitates the loan process: submitting your application to a number of lenders, and walking you with the chosen lender through to closing. At closing, the broker's commission comes from the borrower.

About Mortgage Bankers

Lending Institutions (banks, finance companies, and others) employ mortgage bankers to market, and process loans from that specific institution alone. While a mortgage banker may offer quite a range of loan programs, they will be programs of that particular lender.

Your mortgage banker represents you to the bank or other lending institution. A mortgage banker will walk the borrower through the selection, processing and loan closing. Mortgage bankers may be compensated with a commission or salary for their services by their employers.

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Omni Mortgage Corp.

118-18 101st Avenue
Richmond Hill, NY 11419