Miami Mortgage, Broker, Loan Officer

Mortgage Broker and Mortgage Banker

When it's time to find a mortgage , you need to know the difference between a loan officer and a mortgage broker. As both a mortgage broker and lending officer can help you buy your new home, it's understandable to confuse the two. But for your application process, it can benefit you if you understand they ways they differ.

About Mortgage Brokers

During the mortgage loan process, an individual or firm who is an independent agent for the mortgage loan borrower as well as the lender is a mortgage broker. 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 a private investor. Which lender offers the mortgage loans that fits your needs? A mortgage broker will guide you to the best fit. Your broker will present your mortgage application to a handful of lenders, and works with the chosen lender until closing. The borrower pays a commission to the broker when the loan closes.

About Loan Officers

Lending Institutions (banks, finance companies, and others) employ mortgage bankers to promote, and process mortgage loans solely on behalf of that specific institution. There can be a wide range of loans types to draw from although all are products of that specific lending institution.

A mortgage banker will represent you to the bank or other lending institution. A mortgage banker can help the borrower through the selection, processing and loan closing. Lending institutions compensate their loan officers with a commission or salary.