Mortgage Broker vs. Mortgage Banker
Either a mortgage broker or a mortgage banker can work with you when it comes to finding a mortgage loan. Because both a mortgage broker and lending officer will help you fund a new home, it's easy to confuse the two. Yet knowing the ways they differ will be valuable to your mortgage loan process.
What is a Mortgage Broker?
A mortgage broker (either a group or an individual) is an independent agent for the mortgage loan applicant as well as the lender. A mortgage broker coordinates things between 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 bank, trust company, credit union, mortgage corporation, finance company or even a private investor. Which lender offers the mortgage loans that fits your needs? A mortgage broker will guide you to the best one. Your broker will present your loan application to various lenders, and works with the lender of choice until closing. The broker is given a commission from the borrower at closing.
What is a Loan Officer?
Mortgage Bankers represent a particular lending institution (such as a bank) who market and process mortgages and other loan programs for their company alone. They may have the ability to promote loans to fit many different situations, but all the loans are products from the same lender.
A loan officer will represent you to the bank or other lending institution. The borrower is helped through the whole process, from loan selection to closing, by the loan officer. Loan officers are given a commission or salary for their services by their employers.
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