Torrance Mortgage, Broker, Loan Officer

Mortgage Broker and Mortgage Banker

Either a mortgage broker or a loan officer can assist you when you work on your application for a mortgage . People can confuse the two because both will yield the same outcome: a new home. But for the application process, it can help if you understand how they differ.

About Mortgage Brokers

During the mortgage loan process, an individual or group who is an independent agent for the mortgage loan borrower as well as the lender is a mortgage broker. Your mortgage broker will stand as coordinator between you and the lending institution; which may be a bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. Which lender offers the mortgage loans that fits your needs? A mortgage broker will help you find the right fit. You deliver your mortgage application to your broker, who presents it to various lenders. Your mortgage broker then helps you work with the lender of choice until closing. At closing, the broker's commission comes from the borrower.

What is a Mortgage Banker?

Loan officers work for a specific lending institution (such as a bank, credit union, etc.) who offer and process mortgages and other loan products originated by their place of employment alone. They may have the ability to market loans to fit a variety of situations, but all the loans will be products of the same lender.

A mortgage banker will represent you to the bank or other lending institution. The borrower is helped through the entire process, from selecting the loan to closing, by the loan officer. Lenders compensate their mortgage bankers with a salary or commission.

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