Know what to expect: Mortgage Brokers vs. Loan Officers

When you apply for a mortgage , you may work with a loan officer or you may choose to work with a mortgage broker. Since both a mortgage broker and mortgage banker can help you fund a new home, it's easy to confuse the two. However, recognizing how they differ is useful to your mortgage process.

Mortgage Brokers

During the mortgage loan process, an individual or firm 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 can be a bank, trust company, credit union, mortgage corporation, finance company or even a private investor. Which lender has the mortgage loans that is right for you? A mortgage broker will guide you to the right fit. From application to closing, your mortgage broker facilitates your loan process: presenting your application to several lenders, and coordinating the process with the lender through to closing. At closing, the broker's commission comes from the borrower.

About Loan Officers

Lending Institutions (banks, finance companies, and others) employ mortgage bankers to offer, and process mortgage loans solely from that particular institution. There can be an assortment of loans types to choose from although all are programs of that specific lending institution.

A mortgage banker (also known as an "account executive" or "loan representative") acts on behalf of the borrower to the lending institution. The borrower is helped through the whole process, from loan selection to closing, by the loan officer. Either a salary or commission is given to loan officers by their employers.

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