Mortgage Broker or Loan Officer

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When you work on your application for a mortgage loan, you may work with a loan officer or you may choose to work with a mortgage broker. Since a new home is the outcome of the work of both mortgage broker and loan officer, people can confuse the two job types. However, it is important to know how they differ so you have clear expectations of them during your mortgage application process.

What is a Mortgage Broker?

A mortgage broker is a person or group that serves as 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 can be a bank, trust company, credit union, mortgage corporation, finance company or even an individual, private investor. Which lender has the mortgage loan that fits your financial situation? A mortgage broker will lead you to the right fit. You give your application to your broker, who submits it to several lenders. Your mortgage broker then helps you work with the lender of choice until closing. The broker receives a commission from the borrower at closing.

About Loan Officers

The most important difference between a mortgage broker and a loan officer is that a loan officer works for a lending institution (a bank, credit union, or others) to process loans only originated from that institution. While a loan officer may offer quite a range of loan programs, they all are programs from that one lender.

A loan officer (also known as an "account executive" or "loan representative") acts on behalf of the borrower to the lender. The borrower is walked through the whole process, from loan selection to closing, by the loan officer. Either a salary or commission is given to loan officers by their employers.

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