Vienna Mortgage, Broker, Loan Officer
Mortgage Broker and Mortgage Banker
When you're looking to get a mortgage , you may work with a mortgage banker or you may choose to work with a mortgage broker. Because a new home is the outcome of the work of both mortgage broker and loan officer, it's common to confuse the two job types. Yet knowing the differences between them is useful to your mortgage loan process.
What is a Mortgage Broker?
During the mortgage loan process, an individual or group who is an independent agent for the mortgage loan borrower as well as the lender is a mortgage broker. 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. Which lender offers the loan programs that fits your needs? A mortgage broker will guide you to the best fit. You deliver your application to your broker, who submits it to various lenders. Your mortgage broker then helps you work with the lender of choice until the closing of the loan. The broker is given a commission from the borrower upon closing.
What is a Loan Officer?
Loan officers are representatives of a specific lending institution (such as a bank, credit union, etc.) who offer and process mortgages and other lending programs originated by their place of employment alone. There can be a wide variety of loans types to draw from, but all are products of that specific lender.
Also called a "loan representative" or "account executive," a loan officer acts of behalf of the borrower to the lending institution. From finding a loan to closing, a mortgage banker can walk the borrower through the process. Lending institutions pay their loan officers a salary or commission.
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