Mortgage Broker or Loan Officer

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Either a mortgage broker or a loan officer may help you when you apply for a mortgage loan. As both give the same outcome (a new home), people can confuse the two. But for your application process, it can benefit you if you know how they are different.

Mortgage Brokers

A mortgage broker (either a group or an individual) is an independent agent for the mortgage loan borrower as well as the lender. Your mortgage broker will stand as coordinator between you and the lending institution; which can be a credit union, bank, trust company, finance company, mortgage corporation or even an individual, private investor. A mortgage broker will look at your financial situation to determine which lender is the right fit for your loan needs. From application to closing, your mortgage broker facilitates your loan process: offering your mortgage application to several lenders, and coordinating the process with the lender through to the closing of your loan. The borrower pays a commission to the broker at closing.

About Loan Officers

The main 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 promote and process loans solely originated from that institution. Although a loan officer may market quite a range of loans, they all are products of that lender alone.

A loan officer (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 loan officer. Either a salary or commission is given to loan officers by their employers.

Questions about Refinancing or a New Mortgage Loan? Call 415-731-3100.