Know the difference: Mortgage Brokers vs. Loan Officers
When you need a mortgage , you may work with a loan officer or you may choose to work with a mortgage broker. As both yield the same outcome (a new home), people frequently confuse the two job types. But for your application process, it will help if you recognize they ways they differ.
About Mortgage Brokers
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 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 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 offers the loans that fits your financial situation? A mortgage broker will help you find the right fit. You deliver your mortgage loan application to your broker, who offers it to a number of lenders. Your mortgage broker then guides your work with the lender of choice until the closing of the loan. The broker receives a commission from the borrower if the loan closes.
What is a Loan Officer?
Lending Institutions (banks, finance companies, and others) employ loan officers to market, and process loans from that specific institution alone. Although a loan officer may offer quite a variety of loans, they will be programs of that lender alone.
A loan officer (also called an "account executive" or "loan representative") acts on behalf of the borrower to the lending institution. The borrower is guided through the whole process, from loan selection to closing, by the loan officer. Loan officers are given a commission or salary for their services by their employers.
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