Miami Mortgage, Broker, Loan Officer

Mortgage Broker or Loan Officer

When you work on your application for a mortgage loan, you may work with a loan officer or you may choose to work with a mortgage broker. Since a new home is the outcome of the work of both mortgage broker and mortgage banker, it's easy to confuse the two. Yet knowing the differences between them is beneficial to your mortgage loan process.

What is a Mortgage Broker?

During the mortgage loan process, an individual or company 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 facilitator between you and the lending institution; which may be a credit union, bank, trust company, finance company, mortgage corporation or even a private investor. A mortgage broker can look at your finances to determine which lender is the best fit for your loan needs. From application to closing, your mortgage broker works with you: offering your mortgage application to a number of lenders, and walking you with the chosen lender through to closing. At closing, the broker's commission comes from the borrower.

Mortgage Bankers

Lending Institutions (banks, finance companies, and others) employ mortgage bankers to market, and process loans from that particular institution alone. They may be able to promote loans to fit many different situations, but all the loans are programs of the same lender.

A loan officer will represent you to the bank or other lending institution. The borrower is helped through the whole process, from loan selection to closing, by the mortgage banker. Lending institutions pay their loan officers a commission or salary.

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