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Mortgage Brokers and Loan Officers
Mortgage Brokers and Loan Officers
When it comes to applying for a mortgage loan, you need to know the difference between a mortgage banker and a mortgage broker. Because both reap the same outcome (a new home), people usually confuse the two. But as you enter the application process, it can benefit you if you understand they ways they differ.
About Mortgage Brokers
During the mortgage loan process, an individual or company who is an independent agent for both mortgage loan borrower and lender is a mortgage broker. A mortgage broker coordinates things for 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 a private investor. Which lender has the loan programs that fits your financial situation? A mortgage broker will help you find the best one. From application to closing, your mortgage broker works with you: presenting your mortgage application to several lenders, and coordinating the process with the lender through to closing. When the loan closes, the broker’s commission is paid by the borrower.
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About Mortgage Bankers
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to market, and process mortgage loans from that specific institution alone. Although a loan officer may promote quite a range of loan programs, they are all programs of that lender alone.
Your loan officer will represent you to the bank or other lending institution. From selecting a loan product to closing, a loan officer will guide you through the process. Mortgage bankers are paid a commission or salary for their work by their employers.
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