Know what to expect: Mortgage Brokers vs. Loan Officers

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Either a mortgage broker or a loan officer may assist you when it's time to locate a mortgage loan. As a new home is the outcome of the work of both mortgage broker and loan officer, people often confuse the two job types. However, understanding the differences between them will be useful to your mortgage loan process.

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 coordinates things between you and your lender, which can be one of the following: a bank, trust company, credit union, mortgage corporation, finance company or even an individual, 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. Which lender offers the loan that is best for you? A mortgage broker will lead you to the right fit. You deliver your mortgage application to your broker, who presents it to a number of lenders. Your mortgage broker then assists your work with the lender of choice until the closing of the loan. The broker is given a commission from the borrower upon closing.

What is a Loan Officer?

Loan officers represent a specific lending institution (such as a bank) who process mortgages and other lending programs from their company alone. They may be able to offer loans to fit many different situations, but all the loans are products of the same lender.

A loan officer represents you to the bank or other lending institution. From finding a loan program to closing, a loan officer will help a borrower through the process. Loan officers are compensated with a commission or salary for their work by their employers.

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