Know what to expect: Mortgage Brokers vs. Loan Officers
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When you need a mortgage loan, you need to know the difference between a loan officer and a mortgage broker. Since a new home is the result of the work of both mortgage broker and loan officer, it's common to confuse the two job types. But for the application process, it will benefit you if you recognize their differences.
About Mortgage Brokers
During the mortgage loan process, an individual or group who is an independent agent for the mortgage loan applicant as well as the lender is a mortgage broker. 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 credit union, bank, trust company, finance company, mortgage corporation or even an individual investor. Which lender offers the loan program that is right for you? A mortgage broker will guide you to the right fit. From application to closing, your mortgage broker works with you: offering your application to several lenders, and coordinating the process with the lender through to closing. The borrower submits a commission to the broker at closing.
About Loan Officers
Lending Institutions (banks, finance companies, and others) employ loan officers to promote, and process loans on behalf of that particular institution alone. While a loan officer may promote quite a range of loan programs, they will be programs of that specific lender.
A loan officer represents you to the bank or other lending institution.
The loan officer will help you through the application, processing and loan closing. Either a salary or commission is paid to loan officers by their employers.
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