Mortgage Broker or Loan Officer
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When you apply for a mortgage loan, you should know the difference between a mortgage broker and a loan officer. People frequently confuse these because both will give the same outcome: a new home. However, knowing the ways they differ will be beneficial to the mortgage loan process.
During the mortgage loan process, an individual or firm who is an independent agent for both mortgage loan borrower and lender is a mortgage broker. A mortgage broker coordinates things for you and your lender, which can be one of the following: a credit union, bank, trust company, finance company, mortgage corporation 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, private investor. You work with a mortgage broker to examine your financial circumstance and lead you to the lender who has the best mortgage loan for you. Your broker will offer your mortgage loan application to a handful of 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 loan officers to market, and process loans solely originated by that particular institution. They may be able to promote loans to fit a variety of situations, but all the loans will be programs of the same lender.
A loan officer will represent you to the bank or other lending institution.
From choosing a loan to closing, a loan officer can walk a borrower through the process. Lenders compensate the loan officers with a commission or salary.
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