Millbrook Mortgage, Broker, Loan Officer
Know what to expect: Mortgage Brokers vs. Mortgage Bankers
When you work on your application for a mortgage loan, you need to know the difference between a mortgage banker and a mortgage broker. Since a new home is the outcome of the work of both mortgage broker and mortgage banker, people sometimes confuse the two. Yet recognizing the ways they differ is advantageous to the mortgage process.
About Mortgage Brokers
A mortgage broker (either a group or an individual) is an independent agent for the mortgage loan borrower as well as the lender. A mortgage broker facilitates things for you and your lender, which can be one of the following: a bank, trust company, credit union, mortgage corporation, finance company or even an individual, private investor. Acting as a facilitator between you and your lender, your mortgage broker can match you with a bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. Which lender offers the loan programs that fits your needs? A mortgage broker will guide you to the right one. From application to closing, your mortgage broker facilitates your loan process: offering your application to several lenders, and coordinating the process with the lender through to the closing of the loan. The borrower submits a commission to the broker upon closing.
Loan officers represent a specific lending institution (such as a bank, credit union, etc.) who promote and process mortgages and other loan programs originated by their company alone. While a loan officer may offer quite a variety of loans, they are all programs from that particular lender.
A mortgage banker (also called an "account executive" or "loan representative") acts on behalf of the borrower to the lending institution. The borrower is helped through the whole process, from loan selection to closing, by the loan officer. Either a salary or commission is given to loan officers by their employers.
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