Mortgage Broker vs. Loan Officer

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When you work on your application for a mortgage loan, you may work with a loan officer or you may choose to work with a mortgage broker. Because both give the same result (a new home), it's easy to confuse the two job types. Yet understanding the differences between them is useful to your mortgage loan process.

What is a Mortgage Broker?

A mortgage broker is a person or group that is an independent agent for the mortgage loan applicant as well as 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 an individual investor. Which lender has the loan program that is best for you? A mortgage broker will help you find the right fit. From application to closing, your mortgage broker works with you: presenting your application to several lenders, and walking you with the chosen lender through to the closing of your loan. At closing, the broker's commission is given by the borrower.

Loan Officers

Lending Institutions (banks, finance companies, and others) employ loan officers to promote, and process loans originated by that specific institution alone. There can be a variety of loans types to choose from even though all are programs of that specific lender.

Also known as a "loan representative" or "account executive," a loan officer acts of behalf of the borrower to the lending institution. From selecting a loan to closing, a loan officer can guide you through the process. Lenders compensate their loan officers with a salary or commission.

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