Scottsdale Mortgage, Broker, Loan Officer
Mortgage Broker vs. Mortgage Banker
Either a mortgage broker or a loan officer can assist you when you're looking to get a mortgage . It's common to confuse the two job types because both will produce the same result: a new home. But for the application process, it can help if you know how they are different.
During the mortgage loan process, an individual or group who is an independent agent for both mortgage loan applicant and lender is a mortgage broker. A mortgage broker facilitates things between 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, private 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 use a mortgage broker to look at your financial situation and lead you to the lender who has the best loan program for you. From application to closing, your mortgage broker facilitates your loan process: submitting your mortgage application to several lenders, and coordinating the process with the lender through to the closing of your loan. The broker is given a commission from the borrower upon closing.
About Loan Officers
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to offer, and process mortgage loans originated by that particular institution alone. They may have the ability to promote loans to fit many different situations, but all the loans will be products from the same lender.
A mortgage banker (also called an "account executive" or "loan representative") represents the borrower to the lending institution. From selecting a loan product to closing, a mortgage banker can help you through the process. Mortgage bankers can be compensated with a commission or salary for their services by their employers.
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