Mountain View Mortgage, Broker, Loan Officer

Mortgage Broker vs. Mortgage Banker

When it's time to locate a mortgage , you may work with a loan officer or you may choose to work with a mortgage broker. Since a new home is the result of the work of both mortgage broker and loan officer, people usually confuse the two job types. Yet knowing how they differ is valuable to your mortgage loan process.

Mortgage Brokers

A mortgage broker (either a group or an individual) is an independent agent for both the mortgage loan borrower and the lender. Your mortgage broker will stand as coordinator between you and the lending institution; which may be a credit union, bank, trust company, finance company, mortgage corporation or even an individual, private investor. Which lender has the mortgage loans that is best for you? A mortgage broker will help you find the right fit. You give your application to your broker, who submits it to one or more lenders. Your mortgage broker then guides your work with the lender chosen until closing. The broker receives a commission from the borrower when the loan closes.

About Loan Officers

The most important 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 only originated from the products of that institution. While a mortgage banker may promote quite a variety of loans, they are all programs from that specific lender.

Your mortgage banker will represent you to the bank or other lending institution. From choosing a loan to closing, a loan officer can guide you through the process. Loan officers are given a commission or salary for their work by their employers.

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