281-542-7392 Deer Park Mortgage, Broker, Loan Officer
Mortgage Broker vs. Loan Officer
Either a mortgage broker or a mortgage banker may assist you when it's time to apply for a mortgage . Because a new home is the outcome of the work of both mortgage broker and mortgage banker, people frequently confuse them. But for your application process, it will help if you understand how they differ.
About Mortgage Brokers
A mortgage broker is a person or company that is an independent agent for the mortgage loan applicant as well as the lender. Your mortgage broker will stand as facilitator between you and the lending institution; which can be a credit union, bank, trust company, finance company, mortgage corporation or even an individual investor. You work with a mortgage broker to examine your financial circumstance and lead you to the lender who has the right loan for you. From application to closing, your mortgage broker works with you: presenting your application to a number of lenders, and coordinating the process with the lender through to the closing of your loan. Upon closing, the broker's commission is given by the borrower.
What is a Loan Officer?
Loan officers are representatives of a particular lending institution (such as a bank) who work with mortgages and other lending programs from their employer alone. While a mortgage banker may market quite a variety of loans, they all are products from that lender alone.
Also known as a "loan representative" or "account executive," a loan officer acts of behalf of the borrower to the lending institution. A mortgage banker can guide the borrower through the application, processing and closing of the loan. Lenders compensate the loan officers with a salary or commission.
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