Know what to expect: Mortgage Brokers vs. Mortgage Bankers

Either a mortgage broker or a loan officer may assist you when it comes to locating a mortgage . As both give the same outcome (a new home), people usually confuse the two job types. But as you begin your application process, it can benefit you if you know how they are different.

What is a Mortgage Broker?

A mortgage broker (either a company or an individual) is an independent agent for the mortgage loan applicant 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, 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. A mortgage broker will consider your numbers to determine which lender is the best fit for your loan needs. From application to closing, your mortgage broker works with you: submitting your application to several lenders, and walking you with the chosen lender through to closing. The borrower gives a commission to the broker at closing.

About Mortgage Bankers

Lending Institutions (banks, finance companies, and others) employ loan officers to promote, and process mortgage loans solely from that particular institution. There can be a wide range of loans types to draw from even though all are programs of that specific lending institution.

Also known as a "loan representative" or "account executive," a loan officer acts of behalf of the borrower to the lender. The borrower is walked through the whole process, from loan selection to closing, by the loan officer. Loan officers will be compensated with a commission or salary for their work by their employers.

In the market for a new mortgage? We'd be thrilled to discuss our many mortgage solutions! Call us at 7184417000. Ready to get started? Apply Here.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question
By checking the box, you agree that Omni Mortgage Corp. may call/text you about your inquiry, which may involve use of automated means and prerecorded/artificial voices.. Message/data rates may apply.

Omni Mortgage Corp.

118-18 101st Avenue
Richmond Hill, NY 11419