Stockton Mortgage, Broker, Loan Officer
Mortgage Broker and Mortgage Banker
Either a mortgage broker or a loan officer may work with you when you work on your application for a mortgage . As a new home is the result of the work of both mortgage broker and loan officer, people frequently confuse the two job types. But as you enter your application process, it will help if you know they ways they differ.
About Mortgage Brokers
During the mortgage loan process, an individual or group who is an independent agent for the mortgage loan borrower as well as the lender is a mortgage broker. A mortgage broker coordinates 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 circumstance and find the lender who has the best loan for you. From application to closing, your mortgage broker facilitates your loan process: offering your loan application to a number of lenders, and walking you with the chosen lender through to the closing of the loan. Upon closing, the broker's commission is given by the borrower.
What is a Loan Officer?
Loan officers work for a specific lending institution (such as a bank, credit union, etc.) who process mortgages and other lending programs for their employer alone. There may be an assortment of loans types to choose from even though all are programs of that particular lending institution.
Also known as a "loan representative" or "account executive," a loan officer represents the borrower to the lender. From choosing a loan program to closing, a mortgage banker will help you through the process. Mortgage bankers are given a commission or salary for their work by their employers.
Shopping for a mortgage? We'd be thrilled to answer your questions about your mortgage needs! Give us a call today at
866-840-8745 x2. Ready to begin? Apply Online Now
Get a New Loan Quote
Looking for a new home loan? Fill out the following form to get a fast quote from us.