Homewood Mortgage, Broker, Loan Officer
Know what to expect: Mortgage Brokers vs. Loan Officers
When you apply for a mortgage , you may work with a loan officer or you may choose to work with a mortgage broker. It's understandable to confuse the two as both will produce the same result: a new home. But for the application process, it can benefit you if you know how they differ.
What is a Mortgage Broker?
A mortgage broker is a person or firm that acts as an independent agent for the mortgage loan applicant as well as the lender. A mortgage broker facilitates things between you and your lender, which can be one of the following: a credit union, bank, trust company, finance company, mortgage corporation 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, private investor. You partner with a mortgage broker to look at your financial situation and find the lender who has the right loan program for you. From application to closing, your mortgage broker works with you: offering your loan application to several lenders, and coordinating the process with the lender through to the closing of your loan. The broker is given a commission from the borrower if the loan closes.
About Loan Officers
Loan officers work for a particular lending institution (such as a bank, credit union, etc.) who process mortgages and other loan products originated by their company alone. While a mortgage banker may market quite a variety of loans, they are all programs of that particular lender.
Also called a "loan representative" or "account executive," a loan officer acts of behalf of the borrower to the lender. The mortgage banker will guide you through the application, processing and loan closing. Mortgage bankers are compensated with a commission or salary for their work by their employers.
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