Irvine Mortgage, Broker, Loan Officer
Mortgage Broker vs. Loan Officer
Either a mortgage broker or a loan officer may help you when it comes to applying for a mortgage . Since both a mortgage broker and lending officer can help you fund your new home, it's understandable to confuse the two. However, it will be helpful to understand how they differ so you have clear expectations of them during the mortgage application process.
About Mortgage Brokers
During the mortgage loan process, an individual or group who is an independent agent for the mortgage loan applicant as well as the lender is a mortgage broker. Your mortgage broker will stand as facilitator between you and the lending institution; which can be a credit union, bank, trust company, finance company, mortgage corporation or even an individual, private investor. You use a mortgage broker to examine your financial situation and find the lender who has the right loan for you. Your broker will submit your mortgage application to one or more lenders, and works with the lender of choice until the loan closes. The borrower submits a commission to the broker at closing.
Mortgage Bankers represent a specific lending institution (such as a bank) who promote and process mortgages and other lending programs originated by their employer alone. They may have the ability to promote loans to fit a variety of situations, but all the loans are products from the same lender.
Your loan officer will represent you to the bank or other lending institution. The loan officer can guide the borrower through the application, processing and loan closing. Lending institutions compensate their loan officers with a salary or commission.
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