Torrance Mortgage, Broker, Loan Officer
Mortgage Broker and Mortgage Banker
Either a mortgage broker or a mortgage banker may work with you when you're looking to get a mortgage . Since a new home is the outcome of the work of both mortgage broker and loan officer, people often confuse them. Yet knowing the differences between them will be useful to your mortgage process.
About Mortgage Brokers
A mortgage broker is someone or company that is an independent agent for both the mortgage loan applicant and the lender. 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 an individual, 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 a private investor. You work with a mortgage broker to look at your financial circumstance and find the lender who has the best mortgage loan for you. You give your application to your broker, who presents it to one or more lenders. Your mortgage broker then helps you work with the lender chosen until the closing of the loan. At closing, the broker's commission is given by the borrower.
What is a Mortgage Banker?
Loan officers are representatives of a particular lending institution (such as a bank, credit union, etc.) who offer and process mortgages and other loans on behalf of their employer alone. There can be a wide range of loans types to choose from even though all are products of that particular lending institution.
Also called a "loan representative" or "account executive," a loan officer acts of behalf of the borrower to the lender. A loan officer will guide the borrower through the application, processing and loan closing. Mortgage bankers can be compensated with a commission or salary for their services by their employers.
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