Mortgage Broker and Loan Officer

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Either a mortgage broker or a loan officer can help you when it's time to apply for a mortgage loan. As both glean the same result (a new home), people sometimes confuse the two job types. However, it is helpful to understand how they differ so you know what to expect from them as you enter the mortgage application process.

About Mortgage Brokers

A mortgage broker (either a group or an individual) is an independent agent for the mortgage loan applicant as well as the lender. A mortgage broker coordinates things for 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 credit union, bank, trust company, finance company, mortgage corporation or even a private investor. You work with a mortgage broker to consider your financial situation and lead you to the lender who has the right loan for you. You deliver your mortgage loan application to your broker, who submits it to various lenders. Your mortgage broker then guides your work with the lender of choice until the closing of the loan. Upon closing, the broker's commission is paid by the borrower.

About Loan Officers

Lending Institutions (banks, finance companies, and others) employ loan officers to promote, and process loans on behalf of that particular institution alone. There may be an assortment of loans types to draw from although all are products of that specific lending institution.

A loan officer represents you to the bank or other lending institution. From choosing a loan program to closing, a loan officer will guide you through the process. Lenders compensate the loan officers with a salary or commission.

Questions about Refinancing or a New Mortgage Loan? Call 303.727.2466.