Rancho Santa Margarita Mortgage, Broker, Loan Officer

Know what to expect: Mortgage Brokers vs. Loan Officers

When you apply for a mortgage loan, you may work with a mortgage banker or you may choose to work with a mortgage broker. People sometimes confuse these because both will give the same result: a new home. Yet recognizing how they are different will be useful to your mortgage process.

About Mortgage Brokers

A mortgage broker (either a company or an individual) is an independent agent for both the mortgage loan applicant and the lender. A mortgage broker facilitates things for you and your lender, which can be one of the following: a bank, trust company, credit union, mortgage corporation, finance company 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 investor. A mortgage broker will look at your financial situation to determine which lender is the right fit for you. You give your mortgage application to your broker, who offers it to one or more lenders. Your mortgage broker then guides your work with the lender chosen until the loan closes. The broker is given a commission from the borrower at closing.

About Mortgage Bankers

Lending Institutions (banks, finance companies, and others) employ mortgage bankers to market, and process mortgage loans solely on behalf of that specific institution. While a loan officer may promote quite a variety of loans, they all are products of that lender alone.

Also known as a "loan representative" or "account executive," a loan officer represents the borrower to the lender. The borrower is helped through the whole process, from loan selection to closing, by the mortgage banker. Either a salary or commission is given to mortgage brokers by their employers.

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