Know the difference: Mortgage Brokers and Loan Officers
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When it comes to locating a mortgage loan, you need to know the difference between a loan officer and a mortgage broker. People can confuse them as both will give the same outcome: a new home. But for your application process, it can benefit you if you understand how they are different.
During the mortgage loan process, an individual or group who is an independent agent for both mortgage loan borrower and lender is a mortgage broker. Your mortgage broker will stand as facilitate between you and the lending institution; which may be a credit union, bank, trust company, finance company, mortgage corporation or even an individual, private investor. Which lender has the loan program that fits your needs? A mortgage broker will guide you to the right one. You deliver your mortgage loan application to your broker, who submits it to a number of lenders. Your mortgage broker then helps you work with the lender of choice until the closing of the loan. The borrower gives a commission to the broker at closing.
About Loan Officers
Loan officers work for a particular lending institution (such as a bank) who offer and process mortgages and other loans on behalf of their place of employment alone. While a loan officer may market quite a variety of loans, they are all products with that specific lender.
Also called a "loan representative" or "account executive," a loan officer acts of behalf of the borrower to the lending institution. From choosing a loan to closing, a loan officer will help a borrower through the process. Lending institutions give their loan officers a salary or commission.
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