Mountain View Mortgage, Broker, Loan Officer

Know the difference: Mortgage Brokers vs. Loan Officers

When you work on your application for a mortgage , you may work with a mortgage banker or you may choose to work with a mortgage broker. It's common to confuse them as both will give the same outcome: a new home. However, it is important to recognize the difference between them so you know what to expect from them during the mortgage process.

About Mortgage Brokers

A mortgage broker is an individual or firm that is an independent agent for both the mortgage loan applicant and the lender. Your mortgage broker will stand as coordinator between you and the lending institution; which can be a bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. Which lender has the mortgage loans that is right for you? A mortgage broker will lead you to the best fit. From application to closing, your mortgage broker works with you: presenting your mortgage application to a number of lenders, and coordinating the process with the lender through to the closing of the loan. When the loan closes, the broker's commission is paid by the borrower.

Mortgage Bankers

Lending Institutions (banks, finance companies, and others) employ loan officers to promote, and process mortgage loans solely from that particular institution. While a mortgage banker may offer quite a variety of loans, they are all products from that lender alone.

Your loan officer will represent you to the bank or other lending institution. The mortgage banker will guide you through the application, processing and closing of the loan. Lenders compensate their loan officers with a commission or salary.

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