Bloomfield Hills Mortgage, Broker, Loan Officer
Know the difference: Mortgage Brokers and Loan Officers
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. People can confuse the two as both will reap the same result: a new home. But as you enter your application process, it can benefit you if you understand they ways they differ.
During the mortgage loan process, an individual or group who is an independent agent for both mortgage loan borrower and lender is a mortgage broker. A mortgage broker facilitates things between you and your lender, which can be one of the following: a credit union, bank, trust company, finance company, mortgage corporation or even an individual 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. A mortgage broker can examine your finances to determine which lender is the right fit for you. You give your mortgage loan application to your broker, who presents it to several lenders. Your mortgage broker then assists your work with the lender chosen until closing. The broker is given a commission from the borrower upon closing.
What is a Loan Officer?
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to market, and process mortgage loans solely on behalf of that specific institution. They may be able to market loans to fit many different situations, but all the loans are programs of the same lender.
A loan officer (also called an "account executive" or "loan representative") represents the borrower to the lending institution. The borrower is walked through the entire process, from loan selection to closing, by the loan officer. Either a salary or commission is given to mortgage brokers by their employers.
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