Know what to expect: Mortgage Brokers and Loan Officers
When you're looking to get a mortgage , you need to know the difference between a mortgage banker and a mortgage broker. People frequently confuse the two as both will produce the same outcome: a new home. But for the application process, it will benefit you if you know their differences.
A mortgage broker (either a group or an individual) is an independent agent for the mortgage loan applicant as well as the lender. Your mortgage broker will stand as coordinator between you and the lending institution; which can be a credit union, bank, trust company, finance company, mortgage corporation or even a private investor. You partner with a mortgage broker to examine your financial circumstance and lead you to the lender who has the right loan for you. 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 closing. The broker is given a commission from the borrower upon closing.
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to offer, and process mortgage loans from that particular institution alone. Although a mortgage banker may promote quite a range of loans, they all are products from that lender alone.
Your mortgage banker represents you to the bank or other lending institution. From selecting a loan to closing, a mortgage banker will walk the borrower through the process. Lending institutions give their mortgage bankers a commission or salary.
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