Mortgage Broker or Mortgage Banker
When it's time to find a mortgage , you should know the difference between a mortgage broker and a mortgage banker. Because a new home is the outcome of the work of both mortgage broker and mortgage banker, it's easy to confuse them. Yet it is valuable to recognize how they differ so you know what to expect from them during the mortgage process.
About Mortgage Brokers
During the mortgage loan process, an individual or firm who is an independent agent for both mortgage loan applicant and lender is a mortgage broker. A mortgage broker facilitates things for you and your lender, which can be one of the following: a credit union, bank, trust company, finance company, mortgage corporation or even an individual, private investor. Acting as a facilitator between you and your lender, your mortgage broker can match you with a credit union, bank, trust company, finance company, mortgage corporation or even a private investor. Which lender offers the loans that is best for you? A mortgage broker will help you find the best fit. From application to closing, your mortgage broker works with you: presenting your mortgage application to a number of lenders, and coordinating the process with the lender through to the closing of the loan. The borrower submits a commission to the broker when the loan closes.
What is a Loan Officer?
Mortgage Bankers represent a particular lending institution (such as a bank, credit union, etc.) who market and process mortgages and other loan programs from their place of employment alone. There can be a wide range of loans types to choose from although all are programs of that specific lending institution.
A mortgage banker (also known as an "account executive" or "loan representative") acts on behalf of the borrower to the lending institution. The borrower is helped through the whole process, from loan selection to closing, by the mortgage banker. Either a salary or commission is paid to loan officers by their employers.
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