Whittier Mortgage, Broker, Loan Officer

Know what to expect: Mortgage Brokers and Mortgage Bankers

When you need a mortgage loan, you may work with a loan officer or you may choose to work with a mortgage broker. It's easy to confuse the two job types since both will produce the same result: a new home. However, it will be beneficial to recognize the ways they differ so you have clear expectations of them during the mortgage process.

Mortgage Brokers

During the mortgage loan process, an individual or group who is an independent agent for the mortgage loan borrower as well as the lender is a mortgage broker. A mortgage broker facilitates 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 a private investor. Acting as a facilitator between you and your lender, your mortgage broker can match you with a bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. Which lender has the loans that fits your financial situation? A mortgage broker will help you find the best fit. You deliver your mortgage application to your broker, who offers it to a number of lenders. Your mortgage broker then helps you work with the lender chosen until closing. When the loan closes, the broker's commission is paid by the borrower.

About Mortgage Bankers

The biggest difference between a mortgage broker and a loan officer is that a mortgage banker works for a lending institution (a bank, credit union, or others) to process loans solely from that institution. There can be a variety of loans types to draw from although all are products of that specific lending institution.

Your loan officer will represent you to the bank or other lending institution. The borrower is walked through the whole process, from selecting a loan to closing, by the loan officer. Either a salary or commission is given to loan officers by their employers.

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