Millbrook Mortgage, Broker, Loan Officer

Mortgage Broker vs. Mortgage Banker

Either a mortgage broker or a loan officer can assist you when you're looking to get a mortgage loan. People frequently confuse the two job types as both will reap the same result: a new home. But for your application process, it will help if you know they ways they differ.

Mortgage Brokers

A mortgage broker (either a company or an individual) is an independent agent for both the mortgage loan borrower and the lender. Your mortgage broker will stand as facilitator between you and the lending institution; which may be a bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. You work with a mortgage broker to review your financial situation and find the lender who has the best loan program for you. From application to closing, your mortgage broker facilitates the loan process: offering your application to several lenders, and walking you with the chosen lender through to closing. The broker receives a commission from the borrower when the loan closes.

About Mortgage Bankers

Lending Institutions (banks, finance companies, and others) employ loan officers to promote, and process loans originated by that specific institution alone. While a loan officer may offer quite a range of loans, they are all programs with that lender alone.

Also known as a "loan representative" or "account executive," a mortgage banker represents the borrower to the lender. The loan officer will guide the borrower through the application, processing and loan closing. Loan officers are compensated with a commission or salary for their services by their employers.

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