Mortgage Broker or Mortgage Banker
Either a mortgage broker or a mortgage banker can help you when you work on your application for a mortgage . Because a new home is the result of the work of both mortgage broker and mortgage banker, it's common to confuse the two job types. But as you begin the application process, it can benefit you if you know their differences.
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 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 bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. A mortgage broker will review your finances to find out which lender is the right fit for you. You deliver your loan application to your broker, who presents it to a number of lenders. Your mortgage broker then assists your work with the lender chosen until the loan closes. The borrower submits a commission to the broker at closing.
What is a Mortgage Banker?
Mortgage Bankers represent a particular lending institution (such as a bank, credit union, etc.) who market and process mortgages and other loan programs for their company alone. They may have the ability to offer loans to fit a variety of situations, but all the loans are programs of the same lender.
Also known as a "loan representative" or "account executive," a mortgage banker represents the borrower to the lender. The mortgage banker will help you through the application, processing and loan closing. Mortgage bankers are paid a commission or salary for their work by their employers.
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