Mortgage Broker or Loan Officer
When you work on your application for a mortgage , you should know the difference between a loan officer and a mortgage broker. Since a new home is the outcome of the work of both mortgage broker and mortgage banker, it's common to confuse the two job types. But for the application process, it can benefit you if you know they ways they differ.
A mortgage broker (either a firm or an individual) is an independent agent for both the mortgage loan applicant and the lender. A mortgage broker coordinates things for you and your lender, which can be one of the following: a bank, trust company, credit union, mortgage corporation, finance company 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 a private investor. You work with a mortgage broker to review your financial circumstance and find the lender who has the right loan program for you. Your broker will offer your loan application to several lenders, and works with the lender of choice until closing. The broker is given a commission from the borrower upon closing.
What is a Loan Officer?
Loan officers work for a specific lending institution (such as a bank) who work with mortgages and other loan products originated by their place of employment alone. There can be an assortment of loans types to draw from, but all are products of that specific lender.
Your mortgage banker will represent you to the bank or other lending institution. From selecting a loan product to closing, a loan officer can help a borrower through the process. Either a salary or commission is given to mortgage brokers by their employers.
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