Scottsdale Mortgage, Broker, Loan Officer
Know what to expect: Mortgage Brokers and Loan Officers
Either a mortgage broker or a loan officer can work with you when you apply for a mortgage loan. As a new home is the outcome of the work of both mortgage broker and loan officer, it's understandable to confuse the two job types. Yet knowing how they are different is important to your mortgage loan process.
What is a Mortgage Broker?
During the mortgage loan process, an individual or company who is an independent agent for the mortgage loan borrower 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 bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. Which lender has the mortgage loans that fits your financial situation? A mortgage broker will lead you to the right fit. You deliver your loan application to your broker, who presents it to one or more lenders. Your mortgage broker then assists your work with the lender of choice until closing. Upon closing, the broker's commission comes from the borrower.
Lending Institutions (banks, finance companies, and others) employ loan officers to offer, and process loans solely originated by that specific institution. While a loan officer may offer quite a range of loans, they are all programs from that one lender.
A loan officer (also called an "account executive" or "loan representative") represents the borrower to the lender. From choosing a loan to closing, a mortgage banker will help a borrower through the process. Either a salary or commission is given to loan officers by their employers.
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