Macon Mortgage, Broker, Loan Officer
Mortgage Broker and Loan Officer
Either a mortgage broker or a loan officer can help you when you're looking to get a mortgage loan. Since both a mortgage broker and lending officer can help you purchase a new home, it's common to confuse the two. But for the application process, it can benefit you if you know how they are different.
A mortgage broker (either a firm or an individual) 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 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 a private investor. Which lender offers the loan programs that fits your needs? A mortgage broker will guide you to the best fit. From application to closing, your mortgage broker works with you: submitting your mortgage application to a number of lenders, and coordinating the process with the lender through to closing. The borrower pays a commission to the broker if the loan closes.
Lending Institutions (banks, finance companies, and others) employ loan officers to promote, and process loans solely from that specific institution. While a mortgage banker may promote quite a variety of loans, they all are programs with that lender alone.
Also known as a "loan representative" or "account executive," a mortgage banker represents the borrower to the lending institution. The loan officer can help you through the application, processing and loan closing. Lending institutions compensate their loan officers with a salary or commission.
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