Torrance Mortgage, Broker, Loan Officer

Know what to expect: Mortgage Brokers vs. Loan Officers

When it's time to find a mortgage , you may work with a loan officer or you may choose to work with a mortgage broker. It's common to confuse the two job types since both will yield the same result: a new home. Yet it is beneficial to know the ways they differ so you have clear expectations of them during your mortgage application process.

About Mortgage Brokers

A mortgage broker is someone or group that is an independent agent for the mortgage loan borrower as well as the lender. A mortgage broker facilitates 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 a 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. You work with a mortgage broker to review your financial situation and lead you to the lender who has the right loan program for you. From application to closing, your mortgage broker works with you: presenting your loan application to a number of lenders, and walking you with the chosen lender through to the closing of the loan. The borrower pays a commission to the broker if the loan closes.

What is a Loan Officer?

Mortgage Bankers are representatives of a specific lending institution (such as a bank, credit union, etc.) who work with mortgages and other loan products for their employer alone. There can be a wide range of loans types to draw from although all are products of that particular lender.

A loan officer represents you to the bank or other lending institution. A mortgage banker will guide the borrower through the application, processing and loan closing. Either a salary or commission is given to loan officers by their employers.

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