Mortgage Broker and Loan Officer

When it's time to find a mortgage loan, you may work with a mortgage banker or you may choose to work with a mortgage broker. Since both give the same outcome (a new home), people sometimes confuse the two job types. However, it is beneficial to know the difference between the two jobs so you know what to expect from them during the mortgage process.

What is a Mortgage Broker?

A mortgage broker (either a company or an individual) is an independent agent for the mortgage loan borrower as well as the lender. 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 credit union, bank, trust company, finance company, mortgage corporation or even an individual, private investor. A mortgage broker can consider your numbers to find out which lender is the right fit for you. You deliver your mortgage loan application to your broker, who submits it to a number of lenders. Your mortgage broker then guides your work with the lender of choice until the loan closes. If the loan closes, the broker's commission is paid by the borrower.

What is a Loan Officer?

Loan officers are representatives of a specific lending institution (such as a bank, credit union, etc.) who offer and process mortgages and other loan products from their place of employment alone. Although a loan officer may market quite a range of loans, they will be programs from that lender alone.

Also called a "loan representative" or "account executive," a loan officer represents the borrower to the lending institution. The borrower is walked through the whole process, from finding a loan to closing, by the loan officer. Either a salary or commission is paid to loan officers by their employers.

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