Mortgage Broker or Loan Officer

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When it's time to find a mortgage loan, you may work with a loan officer or you may choose to work with a mortgage broker. Since a new home is the outcome of the work of both mortgage broker and loan officer, people frequently confuse the two job types. Yet it is useful to know the ways they differ so you know what to expect from them as you enter the mortgage application process.

Mortgage Brokers

A mortgage broker (either a company or an individual) is an independent agent for the mortgage loan applicant as well as the lender. Your mortgage broker will stand as facilitate between you and the lending institution; which may be a credit union, bank, trust company, finance company, mortgage corporation or even an individual, private investor. A mortgage broker can look at your numbers to determine which lender is the best fit for your loan needs. From application to closing, your mortgage broker facilitates the loan process: submitting your application to a number of lenders, and coordinating the process with the lender through to closing. When the loan closes, the broker's commission is given by the borrower.

Loan Officers

The main difference between a mortgage broker and a loan officer is that a loan officer works on behalf of a lending institution (a bank, credit union, or others) to market and process loans only from the products of that institution. There may be a wide range of loans types to draw from even though all are programs of that specific lending institution.

Your loan officer will represent you to the bank or other lending institution. From choosing a loan program to closing, a loan officer can help you through the process. Loan officers are paid a commission or salary for their services by their employers.

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