Mortgage Broker and Loan Officer

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Either a mortgage broker or a loan officer may work with you when you're looking to get a mortgage loan. Since a new home is the outcome of the work of both mortgage broker and loan officer, it's common to confuse the two. Yet it is beneficial to recognize how they differ so you have clear expectations of them as you enter the mortgage application process.

What is a Mortgage Broker?

A mortgage broker (either a group or an individual) is an independent agent for both the mortgage loan borrower and the lender. Your mortgage broker will stand as facilitate between you and the lending institution; which may be a bank, trust company, credit union, mortgage corporation, finance company or even an individual, private investor. A mortgage broker can consider your finances to find out which lender is the best fit for your loan needs. You give your mortgage loan application to your broker, who submits it to various lenders. Your mortgage broker then assists your work with the lender chosen until closing. The borrower submits a commission to the broker when the loan closes.

Loan Officers

Lending Institutions (banks, finance companies, and others) employ loan officers to offer, and process loans solely from that specific institution. There can be a wide range of loans types to draw from although all are products of that particular lending institution.

Also called a "loan representative" or "account executive," a loan officer represents the borrower to the lending institution. From choosing a loan product to closing, a loan officer can walk the borrower through the process. Either a salary or commission is given to loan officers by their employers.

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