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 Mortgage Broker vs. Mortgage Banker
When you're looking to get a mortgage loan, you may work with a bank loan officer or you may choose to work with a mortgage broker. People often confuse the two job types even though both will glean the same results: a new home. However, it is important to understand the difference between the two types of jobs so you know what to expect from them during the mortgage application process. A mortgage broker is an individual or firm that acts as an independent agent for both the borrower and the lender of a mortgage loan. Mortgage brokers are the middle man between you and the lending institution, which can be a bank, trust company, credit union, mortgage corporation, finance company or even an individual private investor. A mortgage broker will analyze your financial situation to determine which lender is the best fit for your loan needs. He or she will submit your mortgage application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. He or she receives a commission from the borrower if the loan closes. A bank loan officer is a representative of a specific lending institution, who works to sell and process mortgages and other loans originated by their institution. They often don't have the wide variety of loans types to draw from as a mortgage broker. All originations from a bank loan officer are specific to their instituion and are subject to the banks rate and terms. FAQ Index This extended contact form will allow your loan officer to better serve your needs!
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