Macon Mortgage, Broker, Loan Officer
Know the difference: Mortgage Brokers vs. Loan Officers
Either a mortgage broker or a mortgage banker may work with you when you work on your application for a mortgage . Because a new home is the result of the work of both mortgage broker and loan officer, people often confuse the two. But as you enter the application process, it will help if you recognize how they are different.
What is a Mortgage Broker?
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 for 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 credit union, bank, trust company, finance company, mortgage corporation or even an individual investor. Which lender offers the loans that fits your financial situation? A mortgage broker will help you find the right fit. Your broker will submit your loan application to one or more lenders, and works with the chosen lender until closing. Upon closing, the broker's commission comes from the borrower.
What is a Loan Officer?
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to market, and process loans from that particular institution alone. Although a mortgage banker may offer quite a variety of loan programs, they are all products with that lender alone.
A mortgage banker (also known as an "account executive" or "loan representative") represents the borrower to the lending institution. The borrower is walked through the entire process, from selecting the loan to closing, by the loan officer. Mortgage bankers are paid a commission or salary for their work by their employers.
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