Know what to expect: Mortgage Brokers vs. Loan Officers

Either a mortgage broker or a loan officer may work with you when you're looking to get a mortgage . Because both produce the same result (a new home), it's common to confuse the two. Yet it is beneficial to understand the ways they differ so you know what to expect from them as you enter your mortgage process.

About Mortgage Brokers

A mortgage broker is an individual or company that is an independent agent for the mortgage loan borrower as well as the lender. Your mortgage broker will stand as coordinator between you and the lending institution; which may be a credit union, bank, trust company, finance company, mortgage corporation or even an individual investor. Which lender offers the loan programs that fits your financial situation? A mortgage broker will help you find the right one. Your broker will present your loan application to several lenders, and works with the chosen lender until closing. The broker gets a commission from the borrower at closing.

About Mortgage Bankers

Mortgage Bankers work for a specific lending institution (such as a bank) who promote and process mortgages and other loan products from their place of employment alone. Although a mortgage banker may market quite a variety of loans, they are all programs from that lender alone.

Also called a "loan representative" or "account executive," a loan officer acts of behalf of the borrower to the lending institution. From selecting a loan to closing, a loan officer can help a borrower through the process. Loan officers are paid a commission or salary for their work by their employers.

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