Rancho Santa Margarita Mortgage, Broker, Loan Officer

Mortgage Broker and Mortgage Banker

When it's time to locate a mortgage loan, you may work with a mortgage banker or you may choose to work with a mortgage broker. Since both reap the same outcome (a new home), people sometimes confuse them. Yet it is beneficial to recognize how they differ so you have clear expectations of them during the mortgage process.

Mortgage Brokers

A mortgage broker (either a company or an individual) is 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 bank, trust company, credit union, mortgage corporation, finance company or even a private investor. You partner with a mortgage broker to look at your financial circumstance and lead you to the lender who has the right loan for you. You give your mortgage loan application to your broker, who submits it to various lenders. Your mortgage broker then guides your work with the lender of choice until closing. The borrower pays a commission to the broker at closing.

What is a Mortgage Banker?

The most important difference between a mortgage broker and a loan officer is that the latter works on behalf of a lending institution (a bank, credit union, or others) to offer and process loans only from that institution. While a loan officer may market quite a range of loan programs, they all are products from that lender alone.

Your loan officer will represent you to the bank or other lending institution. From selecting a loan product to closing, a mortgage banker will help you through the process. Loan officers are given a commission or salary for their services by their employers.

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