Know what to expect: Mortgage Brokers and Loan Officers

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When you work on your application for a mortgage loan, you may work with a loan officer or you may choose to work with a mortgage broker. Since both give the same outcome (a new home), it's common to confuse the two job types. However, it will be valuable to understand the ways they differ so you know what to expect from them during the mortgage application process.

About Mortgage Brokers

A mortgage broker is an individual or company that is an independent agent for both the mortgage loan applicant and the lender. A mortgage broker facilitates things between you and your lender, which can be one of the following: a bank, trust company, credit union, mortgage corporation, finance company or even a private 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. Which lender offers the loan program that fits your needs? A mortgage broker will guide you to the right fit. You deliver your application to your broker, who submits it to one or more lenders. Your mortgage broker then guides your work with the lender chosen until closing. The broker gets a commission from the borrower at closing.

Loan Officers

Lending Institutions (banks, finance companies, and others) employ loan officers to offer, and process loans originated by that specific institution alone. They may be able to promote loans to fit many different situations, but all the loans are products of the same lender.

A loan officer will represent you to the bank or other lending institution. The borrower is helped through the whole process, from loan selection to closing, by the loan officer. Lenders give their loan officers a salary or commission.

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