Mortgage Broker and Mortgage Banker
Either a mortgage broker or a loan officer may assist you when you apply for a mortgage loan. Because both a mortgage broker and lending officer will help you purchase your new home, people frequently confuse the two. But as you begin your application process, it can benefit you if you understand how they differ.
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 coordinates 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 a private investor. Acting as a facilitator between you and your lender, your mortgage broker can match you with a bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. Which lender offers the loan programs that fits your needs? A mortgage broker will lead you to the right one. Your broker will submit your mortgage loan application to various lenders, and works with the chosen lender until the loan closes. The borrower gives a commission to the broker upon closing.
What is a Loan Officer?
Mortgage Bankers represent a specific lending institution (such as a bank, credit union, etc.) who process mortgages and other loan programs from their place of employment alone. There can be an assortment of loans types to choose from, but all are programs of that specific lending institution.
Your mortgage banker will represent you to the bank or other lending institution. From choosing a loan product to closing, a loan officer will help you through the process. Lenders compensate the mortgage bankers with a salary or commission.
Shopping for a mortgage? We'd be thrilled to answer your questions about our mortgage offerings! Give us a call today at
(281) 778-0805. Want to get started? Apply Online Now