Millbrook Mortgage, Broker, Loan Officer
Know the difference: Mortgage Brokers vs. Loan Officers
When you need a mortgage loan, you may work with a mortgage banker or you may choose to work with a mortgage broker. People usually confuse these since both will reap the same outcome: a new home. But for the application process, it can help if you recognize their differences.
What is a Mortgage Broker?
During the mortgage loan process, an individual or group who is an independent agent for both mortgage loan borrower and lender is a mortgage broker. A mortgage broker coordinates things between you and your lender, which can be one of the following: a bank, trust company, credit union, mortgage corporation, finance company or even a private 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 offers the loan programs that fits your financial situation? A mortgage broker will help you find the right one. You give your mortgage loan application to your broker, who offers it to several lenders. Your mortgage broker then guides your work with the lender of choice until closing. The broker receives a commission from the borrower upon closing.
About Mortgage Bankers
Mortgage Bankers represent a specific lending institution (such as a bank, credit union, etc.) who process mortgages and other loan products for their employer alone. There can be an assortment of loans types to choose from even though all are products of that particular lender.
Also called a "loan representative" or "account executive," a mortgage banker represents the borrower to the lending institution. The mortgage banker can walk you through the application, processing and closing of the loan. Mortgage bankers are compensated with a commission or salary for their work by their employers.
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