Homewood Mortgage, Broker, Loan Officer
Mortgage Broker and Loan Officer
When you're looking to get a mortgage , you should know the difference between a mortgage broker and a loan officer. Since both yield the same result (a new home), people sometimes confuse the two job types. Yet it will be valuable to know the difference between them so you know what to expect from them as you enter your mortgage process.
About Mortgage Brokers
A mortgage broker is someone or group that works as 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 a private investor. Acting as a facilitator between you and your lender, your mortgage broker can match you with a bank, trust company, credit union, mortgage corporation, finance company or even a private investor. Which lender offers the loan programs that is best for you? A mortgage broker will help you find the best one. Your broker will present your mortgage loan application to one or more lenders, and works with the chosen lender until the loan closes. The broker is given a commission from the borrower at closing.
About Loan Officers
The biggest difference between a mortgage broker and a loan officer is that a loan officer is employed by a lending institution (a bank, credit union, or others) to process loans solely originated from that institution. While a mortgage banker may market quite a range of loan programs, they will be programs with that specific lender.
Also known as a "loan representative" or "account executive," a mortgage banker acts of behalf of the borrower to the lending institution. A mortgage banker will walk the borrower through the application, processing and loan closing. Either a salary or commission is given to mortgage brokers by their employers.
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