Whittier Mortgage, Broker, Loan Officer

Know what to expect: Mortgage Brokers vs. Mortgage Bankers

When you apply for a mortgage , you may work with a loan officer or you may choose to work with a mortgage broker. It's understandable to confuse the two job types because both will give the same outcome: a new home. Yet recognizing the ways they differ is advantageous to the mortgage process.

What is a Mortgage Broker?

A mortgage broker is a person or firm that serves as an independent agent for the mortgage loan borrower as well as the lender. Your mortgage broker will stand as facilitator between you and the lending institution; which may be a bank, trust company, credit union, mortgage corporation, finance company or even a private investor. A mortgage broker will consider your numbers to determine which lender is the right fit for you. From application to closing, your mortgage broker facilitates your loan process: offering your loan application to a number of lenders, and coordinating the process with the lender through to closing. The borrower submits a commission to the broker at closing.

What is a Loan Officer?

Lending Institutions (banks, finance companies, and others) employ loan officers to promote, and process loans on behalf of that particular institution alone. They may have the ability to offer loans to fit many different situations, but all the loans are programs of the same lender.

A mortgage banker (also known as an "account executive" or "loan representative") acts on behalf of the borrower to the lending institution. From finding a loan product to closing, a loan officer can guide the borrower through the process. Mortgage bankers will be paid a commission or salary for their services by their employers.

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