Mortgage Broker or Loan Officer
When you work on your application for a mortgage , you may work with a mortgage banker or you may choose to work with a mortgage broker. Because a new home is the result of the work of both mortgage broker and mortgage banker, people can confuse them. However, it is beneficial to understand how they differ so you have clear expectations of them as you enter the mortgage process.
About Mortgage Brokers
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, private investor. A mortgage broker can consider your financial situation to determine which lender is the best fit for your loan needs. From application to closing, your mortgage broker facilitates the loan process: submitting your application to several lenders, and walking you with the chosen lender through to the closing of the loan. When the loan closes, the broker's commission comes from the borrower.
What is a Loan Officer?
Loan officers represent a specific lending institution (such as a bank) who work with mortgages and other loans from their company alone. They may be able to market loans to fit a variety of situations, but all the loans will be products of the same lender.
A loan officer (also called an "account executive" or "loan representative") represents the borrower to the lending institution. The borrower is guided through the whole process, from loan selection to closing, by the loan officer. Lenders compensate the mortgage bankers with a salary or commission.
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