Torrance Mortgage, Broker, Loan Officer
Mortgage Broker or Mortgage Banker
When you work on your application for a mortgage , you should know the difference between a loan officer and a mortgage broker. Because a new home is the result of the work of both mortgage broker and mortgage banker, people can confuse them. But as you begin your application process, it can benefit you if you know their differences.
About Mortgage Brokers
A mortgage broker is a person or group that is an independent agent for both the mortgage loan borrower 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 bank, trust company, credit union, mortgage corporation, finance company or even an individual, private investor. You work with a mortgage broker to consider your financial situation and lead you to the lender who has the best loan for you. From application to closing, your mortgage broker works with you: offering your application to several lenders, and walking you with the chosen lender through to closing. When the loan closes, the broker's commission is given by the borrower.
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to market, and process mortgage loans solely originated by that specific institution. There may be an assortment of loans types to draw from even though all are programs of that specific lender.
Also called a "loan representative" or "account executive," a loan officer represents the borrower to the lender. From selecting a loan to closing, a loan officer will help a borrower through the process. Either a salary or commission is given to loan officers by their employers.
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