Mortgage Broker and Loan Officer
Either a mortgage broker or a loan officer may assist you when you're looking to get a mortgage loan. As both yield the same outcome (a new home), it's understandable to confuse the two. However, it is helpful to understand the difference between the two jobs so you have clear expectations of them as you enter your mortgage application process.
About Mortgage Brokers
During the mortgage loan process, an individual or company who is an independent agent for both mortgage loan borrower and lender is a mortgage broker. 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 loans that is right for you? A mortgage broker will guide you to the best fit. From application to closing, your mortgage broker facilitates the loan process: presenting your application to several lenders, and walking you with the chosen lender through to closing. Upon closing, the broker's commission comes from the borrower.
Mortgage Bankers work for a particular lending institution (such as a bank, credit union, etc.) who offer and process mortgages and other loan programs for their place of employment alone. They may be able to promote loans to fit a variety of situations, but all the loans will be programs of the same lender.
Also called a "loan representative" or "account executive," a mortgage banker acts of behalf of the borrower to the lender. The borrower is helped through the whole process, from selecting the loan to closing, by the mortgage banker. Loan officers may be given a commission or salary for their work by their employers.