Missouri City Mortgage, Broker, Loan Officer
Know what to expect: Mortgage Brokers and Loan Officers
Either a mortgage broker or a mortgage banker can assist you when you're looking to get a mortgage . It's understandable to confuse them because both will produce the same result: a new home. However, it will be helpful to understand the ways they differ so you have clear expectations of them as you enter your mortgage application process.
About Mortgage Brokers
A mortgage broker is an individual or company that is an independent agent for the mortgage loan applicant as well as the lender. 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 an individual investor. A mortgage broker can review your numbers to determine which lender is the best fit for your loan needs. From application to closing, your mortgage broker facilitates the loan process: presenting your mortgage application to several lenders, and coordinating the process with the lender through to closing. If the loan closes, the broker's commission is paid by the borrower.
What is a Loan Officer?
The biggest difference between a mortgage broker and a loan officer is that the latter works on behalf of a lending institution (a bank, credit union, or others) to process loans solely originated from that institution. Although a mortgage banker may market quite a range of loan programs, they will be products of that lender alone.
Also called a "loan representative" or "account executive," a mortgage banker acts of behalf of the borrower to the lender. From finding a loan program to closing, a mortgage banker will guide you through the process. Either a salary or commission is given to loan officers by their employers.
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