Know what to expect: Mortgage Brokers vs. Mortgage Bankers
Either a mortgage broker or a mortgage banker may work with you when you're looking to get a mortgage loan. People can confuse the two job types because both will yield the same outcome: a new home. Yet knowing the ways they differ is helpful to the mortgage process.
About Mortgage Brokers
A mortgage broker is someone or group that serves as an independent agent for the mortgage loan borrower as well as the lender. Your mortgage broker will stand as coordinator 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. You partner with a mortgage broker to look at your financial circumstance and lead you to the lender who has the right mortgage loan for you. You deliver your mortgage loan application to your broker, who presents it to various lenders. Your mortgage broker then helps you work with the lender chosen until the closing of the loan. The borrower submits a commission to the broker if the loan closes.
About Loan Officers
Lending Institutions (banks, finance companies, and others) employ loan officers to promote, and process loans on behalf of that specific institution alone. There can be an assortment of loans types to choose from even though all are programs of that specific lending institution.
A loan officer (also known as an "account executive" or "loan representative") represents the borrower to the lender. A loan officer can walk you through the application, processing and loan closing. Lending institutions compensate their loan officers with a commission or salary.
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