Mortgage Broker and Mortgage Banker
Either a mortgage broker or a loan officer can work with you when you're looking to get a mortgage . As both a mortgage broker and mortgage banker can help you buy your new home, it's easy to confuse the two. But as you begin the application process, it will help if you know how they are different.
About Mortgage Brokers
A mortgage broker is someone or group that works as an independent agent for both the mortgage loan applicant and the lender. A mortgage broker coordinates 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 bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. You work with a mortgage broker to review your financial situation and find the lender who has the best loan program for you. You deliver your application to your broker, who presents it to a number of lenders. Your mortgage broker then guides your work with the lender of choice until closing. The broker is given a commission from the borrower when the loan closes.
Lending Institutions (banks, finance companies, and others) employ loan officers to promote, and process loans originated by that specific institution alone. Although a loan officer may promote quite a variety of loans, they all are programs with that lender alone.
Also called a "loan representative" or "account executive," a loan officer represents the borrower to the lender. From selecting a loan product to closing, a loan officer can guide the borrower through the process. Lenders pay their mortgage bankers a salary or commission.
Shopping for a mortgage loan? We'll be glad to answer your questions about your mortgage needs! Give us a call at
425-508-9988. Ready to begin? Apply Now
Got a Question?
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.