Mortgage Broker or Loan Officer
Either a mortgage broker or a mortgage banker may help you when you apply for a mortgage loan. Since a new home is the result of the work of both mortgage broker and loan officer, people frequently confuse them. Yet understanding the ways they differ is important to your mortgage process.
During the mortgage loan process, an individual or firm who is an independent agent for both mortgage loan borrower and lender is a mortgage broker. A mortgage broker facilitates things between you and your lender, which can be one of the following: a credit union, bank, trust company, finance company, mortgage corporation or even a 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 can consider your numbers to find out which lender is the best fit for you. You deliver your mortgage application to your broker, who submits it to one or more lenders. Your mortgage broker then guides your work with the lender of choice until the closing of the loan. Upon closing, the broker's commission is paid by the borrower.
What is a Mortgage Banker?
Lending Institutions (banks, finance companies, and others) employ loan officers to offer, and process mortgage loans solely originated by that particular institution. There can be a wide variety of loans types to choose from, but all are programs of that particular lending institution.
Also called a "loan representative" or "account executive," a mortgage banker represents the borrower to the lender. The borrower is walked through the entire process, from loan selection to closing, by the mortgage banker. Mortgage bankers are given a commission or salary for their work by their employers.
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