Mortgage Broker or Loan Officer
When it's time to get a mortgage loan, you should know the difference between a loan officer and a mortgage broker. Since both a mortgage broker and lending officer will help you purchase a new home, people often confuse the two. Yet it is beneficial to understand the ways they differ so you have clear expectations of them as you enter the mortgage application process.
What is a Mortgage Broker?
A mortgage broker (either a group or an individual) is an independent agent for the mortgage loan borrower as well as 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 credit union, bank, trust company, finance company, mortgage corporation or even an individual, private investor. A mortgage broker can analyze your finances to find out which lender is the right fit for you. Your broker will offer your mortgage application to a handful of lenders, and works with the chosen lender until the loan closes. The borrower submits a commission to the broker at closing.
About Loan Officers
Loan officers represent a particular lending institution (such as a bank, credit union, etc.) who process mortgages and other loans for their company alone. There may be an assortment of loans types to choose from, but all are programs of that particular lending institution.
A loan officer will represent you to the bank or other lending institution. A mortgage banker will walk you through the selection, processing and loan closing. Loan officers are given a commission or salary for their services by their employers.
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