Mortgage Broker or Loan Officer

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Either a mortgage broker or a loan officer can work with you when you apply for a mortgage loan. It's understandable to confuse them as both will glean the same outcome: a new home. Yet it will be useful to know how they differ so you have clear expectations of them as you enter your mortgage application process.

Mortgage Brokers

During the mortgage loan process, an individual or firm who is an independent agent for both mortgage loan applicant and lender is a mortgage broker. A mortgage broker facilitates things between you and your lender, which can be one of the following: a credit union, bank, trust company, finance company, mortgage corporation 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, private investor. A mortgage broker will look at your numbers to find out which lender is the best fit for your loan needs. Your broker will present your loan application to one or more lenders, and works with the lender of choice until the loan closes. The broker gets a commission from the borrower upon closing.

About Loan Officers

Loan officers work for a specific lending institution (such as a bank) who work with mortgages and other loans for their employer alone. There can be an assortment of loans types to choose from even though all are programs of that specific lender.

Also known as a "loan representative" or "account executive," a loan officer acts of behalf of the borrower to the lender. The borrower is guided through the whole process, from loan selection to closing, by the loan officer. Lending institutions compensate the loan officers with a commission or salary.

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