Mortgage Broker and Loan Officer
When you work on your application for a mortgage , you may work with a mortgage banker or you may choose to work with a mortgage broker. People often confuse them since both will produce the same result: a new home. But as you enter the application process, it can benefit you if you know how they differ.
About Mortgage Brokers
A mortgage broker (either a group or an individual) is 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 can be a bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. You work with a mortgage broker to look at your financial situation and lead you to the lender who has the best loan for you. You deliver your mortgage loan application to your broker, who offers it to several lenders. Your mortgage broker then helps you work with the lender of choice until the loan closes. Upon closing, the broker's commission is given by the borrower.
Loan officers represent a specific lending institution (such as a bank) who work with mortgages and other loans on behalf of their employer alone. Although a mortgage banker may market quite a variety of loans, they all are products with that one lender.
A mortgage banker represents you to the bank or other lending institution. From finding a loan to closing, a mortgage banker can guide the borrower through the process. Lending institutions pay their mortgage bankers a commission or salary.
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