Mortgage Broker or Loan Officer
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Either a mortgage broker or a loan officer may help you when you work on your application for a mortgage loan. As both a mortgage broker and lending officer can help you purchase your new home, it's understandable to confuse the two. But for your application process, it will help if you understand they ways they differ.
A mortgage broker is an individual or firm that is an independent agent for both the mortgage loan borrower and the lender. Your mortgage broker will stand as facilitate between you and the lending institution; which may be a bank, trust company, credit union, mortgage corporation, finance company or even a private investor. You partner with a mortgage broker to consider your financial circumstance and lead you to the lender who has the right loan for you. Your broker will submit your mortgage loan application to a handful of lenders, and works with the lender of choice until closing. The broker is given a commission from the borrower at closing.
What is a Loan Officer?
The main difference between a mortgage broker and a loan officer is that a loan officer works for a lending institution (a bank, credit union, or others) to promote and process loans solely from the programs of that institution. While a loan officer may market quite a range of loan programs, they will be products with that one lender.
A loan officer (also called an "account executive" or "loan representative") acts on behalf of the borrower to the lending institution.
The loan officer can guide the borrower through the selection, processing and loan closing. Either a salary or commission is paid to loan officers by their employers.
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