Mortgage Broker vs. Loan Officer
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When it comes to applying for a mortgage loan, you may work with a loan officer or you may choose to work with a mortgage broker. Because both a mortgage broker and lending officer will help you buy your new home, it's easy to confuse the two. But for the application process, it will benefit you if you understand they ways they differ.
A mortgage broker (either a firm or an individual) is an independent agent for the mortgage loan applicant as well as the lender. A mortgage broker facilitates things between you and your lender, which can be one of the following: a credit union, bank, trust company, finance company, mortgage corporation or even an individual investor. Acting as a facilitator between you and your lender, your mortgage broker can match you with a credit union, bank, trust company, finance company, mortgage corporation or even an individual investor. Which lender has the loan that fits your financial situation? A mortgage broker will lead you to the right fit. From application to closing, your mortgage broker facilitates the loan process: submitting your loan application to a number of lenders, and walking you with the chosen lender through to the closing of your loan. The borrower submits a commission to the broker at closing.
What is a Loan Officer?
Lending Institutions (banks, finance companies, and others) employ loan officers to market, and process loans solely originated by that specific institution. They may have the ability to offer loans to fit many different situations, but all the loans will be programs from the same lender.
Your loan officer represents you to the bank or other lending institution. From finding a loan to closing, a loan officer will help a borrower through the process. Lending institutions compensate their loan officers with a commission or salary.
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