Mortgage Broker or Loan Officer

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Either a mortgage broker or a loan officer may assist you when it's time to get a mortgage loan. Since both give the same result (a new home), it's understandable to confuse the two job types. However, it is beneficial to understand how they differ so you know what to expect from them as you enter your mortgage application process.

What is a Mortgage Broker?

A mortgage broker is a person or firm that 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 can be a bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. You partner with a mortgage broker to look at your financial circumstance and find the lender who has the right loan for you. From application to closing, your mortgage broker facilitates the loan process: submitting your loan application to several lenders, and coordinating the process with the lender through to the closing of your loan. The borrower pays a commission to the broker if the loan closes.

Loan Officers

Lending Institutions (banks, finance companies, and others) employ loan officers to promote, and process loans solely on behalf of that specific institution. Although a loan officer may market quite a variety of loans, they will be programs with that specific lender.

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

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