Rancho Santa Margarita Mortgage, Broker, Loan Officer

Mortgage Broker or Mortgage Banker

Either a mortgage broker or a mortgage banker may assist you when you need a mortgage . It's common to confuse them because both will reap the same outcome: a new home. But as you enter your application process, it can benefit you if you recognize how they are different.

What is a Mortgage Broker?

A mortgage broker is a person or company that works as an independent agent for the mortgage loan applicant as well as the lender. Your mortgage broker will stand as coordinator between you and the lending institution; which may be a credit union, bank, trust company, finance company, mortgage corporation or even a private investor. Which lender offers the mortgage loans that fits your needs? A mortgage broker will lead you to the best fit. Your broker will offer your mortgage application to a handful of lenders, and works with the lender of choice until closing. The broker receives a commission from the borrower upon closing.

About Loan Officers

The biggest difference between a mortgage broker and a mortgage banker is that the latter works on behalf of a lending institution (a bank, credit union, or others) to process loans solely originated from the products of that institution. There may be a variety of loans types to choose from, but all are programs of that particular lending institution.

A mortgage banker (also known as an "account executive" or "loan representative") represents the borrower to the lending institution. The mortgage banker will guide the borrower through the application, processing and loan closing. Loan officers will be paid a commission or salary for their work by their employers.

In the market for a new mortgage loan? We'll be glad to talk about our many mortgage solutions! Give us a call at 949-544-4908. Ready to begin? Apply Now.

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