Millbrook Mortgage, Broker, Loan Officer
Mortgage Broker and Mortgage Banker
Either a mortgage broker or a mortgage banker can assist you when you need a mortgage loan. As a new home is the outcome of the work of both mortgage broker and loan officer, people usually confuse the two job types. However, it will be helpful to know the ways they differ so you know what to expect from them during the mortgage application process.
What is a Mortgage Broker?
A mortgage broker (either a firm or an individual) is an independent agent for both the mortgage loan applicant and the lender. Your mortgage broker will stand as coordinator 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 will look at your numbers to find out which lender is the right fit for you. From application to closing, your mortgage broker facilitates the loan process: submitting your loan application to several lenders, and walking you with the chosen lender through to closing. The borrower pays a commission to the broker upon closing.
What is a Mortgage Banker?
The biggest difference between a mortgage broker and a loan officer is that a mortgage banker works for a lending institution (a bank, credit union, or others) to process loans only originated from the programs of that institution. There may be an assortment of loans types to choose from, but all are programs of that specific lender.
Also known as a "loan representative" or "account executive," a mortgage banker represents the borrower to the lending institution. The borrower is helped through the entire process, from finding a loan to closing, by the mortgage banker. Mortgage bankers will be paid a commission or salary for their work by their employers.
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