Stockton Mortgage, Broker, Loan Officer

Mortgage Broker and Loan Officer

When it's time to get a mortgage , you may work with a loan officer or you may choose to work with a mortgage broker. As a new home is the result of the work of both mortgage broker and mortgage banker, people frequently confuse the two job types. However, it will be important to know the ways they differ so you have clear expectations of them during the mortgage process.

Mortgage Brokers

A mortgage broker is someone or firm that acts as an independent agent for both the mortgage loan borrower and the lender. A mortgage broker coordinates 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 investor. Which lender offers the loan programs that fits your financial situation? A mortgage broker will guide you to the best fit. You give your mortgage loan application to your broker, who offers it to various lenders. Your mortgage broker then assists your work with the lender chosen until the loan closes. At closing, the broker's commission comes from the borrower.

Loan Officers

Loan officers are representatives of a particular lending institution (such as a bank, credit union, etc.) who offer and process mortgages and other loan programs for their company alone. They may have the ability to offer loans to fit many different situations, but all the loans are products of the same lender.

Also called a "loan representative" or "account executive," a mortgage banker acts of behalf of the borrower to the lending institution. The mortgage banker can walk the borrower through the application, processing and loan closing. Either a salary or commission is given to loan officers by their employers.

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