Whittier Mortgage, Broker, Loan Officer
Mortgage Broker vs. Loan Officer
When you're looking to get a mortgage loan, you may work with a mortgage banker or you may choose to work with a mortgage broker. Since both a mortgage broker and lending officer will help you purchase your new home, people often confuse the two. However, it will be beneficial to know the difference between them so you know what to expect from them during the mortgage application process.
During the mortgage loan process, an individual or firm 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 credit union, bank, trust company, finance company, mortgage corporation 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 a private investor. A mortgage broker can review your financial situation to determine which lender is the best fit for you. You give your mortgage loan application to your broker, who presents it to several lenders. Your mortgage broker then assists your work with the lender of choice until the closing of the loan. At closing, the broker's commission is paid by the borrower.
About Mortgage Bankers
Loan officers are representatives of a specific lending institution (such as a bank) who market and process mortgages and other lending programs originated by their employer alone. There may be a variety of loans types to draw from even though all are products of that particular lending institution.
Your mortgage banker will represent you to the bank or other lending institution. From selecting a loan product to closing, a mortgage banker can help a borrower through the process. Lending institutions give their mortgage bankers a commission or salary.
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