Mortgage Broker and Loan Officer

 

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Either a mortgage broker or a loan officer may work with you when it's time to locate a mortgage loan. It's easy to confuse these because both will give the same outcome: a new home. However, recognizing how they are different is helpful to the mortgage loan process.

 

About Mortgage Brokers

A mortgage broker (either a group or an individual) is an independent agent for the mortgage loan borrower 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 an individual, private investor. You work with a mortgage broker to analyze your financial situation and lead you to the lender who has the right loan program for you. You deliver your mortgage application to your broker, who submits it to one or more lenders. Your mortgage broker then helps you work with the lender of choice until the loan closes. The borrower pays a commission to the broker at closing.

 

What is a Loan Officer?

The most important difference between a mortgage broker and a loan officer is that a loan officer works for a lending institution (a bank, credit union, or others) to process loans solely originated from the programs of that institution. There may be an assortment of loans types to draw from even though all are programs of that particular lending institution.

A loan officer (also called an "account executive" or "loan representative") represents the borrower to the lender. From choosing a loan product to closing, a loan officer can guide you through the process. Lenders compensate their loan officers with a commission or salary.


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