Missouri City Mortgage, Broker, Loan Officer
Mortgage Broker vs. Loan Officer
When it's time to apply for a mortgage loan, you may work with a mortgage banker or you may choose to work with a mortgage broker. Because both a mortgage broker and mortgage banker will help you buy a new home, it's understandable to confuse them. However, it will be useful to recognize the ways they differ so you know what to expect from them as you enter your mortgage process.
What is a Mortgage Broker?
A mortgage broker (either a firm or an individual) 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 a private investor. A mortgage broker can consider your finances to find out which lender is the right fit for your loan needs. Your broker will submit your loan application to a handful of lenders, and works with the chosen lender until the loan closes. The borrower pays a commission to the broker if the loan closes.
What is a Mortgage Banker?
Mortgage Bankers work for a particular lending institution (such as a bank, credit union, etc.) who offer and process mortgages and other loans originated by their company alone. There may be a wide variety of loans types to choose from, but all are programs of that specific lending institution.
Also called a "loan representative" or "account executive," a mortgage banker acts of behalf of the borrower to the lender. From choosing a loan product to closing, a loan officer can walk you through the process. Mortgage bankers are given a commission or salary for their work by their employers.
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