Mortgage Broker or Loan Officer

When it comes to finding a mortgage , you may work with a loan officer or you may choose to work with a mortgage broker. It's easy to confuse the two since both will reap the same outcome: a new home. Yet it is valuable to know the ways they differ so you have clear expectations of them as you enter the mortgage process.

Mortgage Brokers

A mortgage broker is an individual or firm that serves as an independent agent for the mortgage loan applicant as well as the lender. A mortgage broker coordinates things between you and your lender, which can be one of the following: a bank, trust company, credit union, mortgage corporation, finance company or even a private 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 investor. You work with a mortgage broker to look at your financial situation and find the lender who has the best loan program for you. You deliver your loan application to your broker, who submits it to various lenders. Your mortgage broker then assists your work with the lender chosen until the closing of the loan. The borrower gives a commission to the broker upon closing.

Loan Officers

Lending Institutions (banks, finance companies, and others) employ mortgage bankers to offer, and process mortgage loans originated by that specific institution alone. There can be a wide range of loans types to draw from, but all are programs of that specific lending institution.

Your loan officer represents you to the bank or other lending institution. A loan officer will guide the borrower through the selection, processing and loan closing. Either a salary or commission is paid to mortgage brokers by their employers.

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