Dallas Mortgage, Broker, Loan Officer
Mortgage Broker or Loan Officer
Either a mortgage broker or a loan officer can assist you when you apply for a mortgage loan. Because both a mortgage broker and lending officer can help you fund your new home, it's understandable to confuse the two. But for your application process, it can benefit you if you understand their differences.
A mortgage broker is someone or company that works as an independent agent for both the mortgage loan borrower and the lender. A mortgage broker facilitates things for you and your lender, which can be one of the following: a bank, trust company, credit union, mortgage corporation, finance company or even an individual, 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 a private investor. A mortgage broker will examine your financial situation to determine which lender is the best fit for your loan needs. You deliver your mortgage application to your broker, who submits it to various lenders. Your mortgage broker then assists your work with the lender chosen until the closing of the loan. If the loan closes, the broker's commission is paid by the borrower.
What is a Mortgage Banker?
Loan officers are representatives of a particular lending institution (such as a bank, credit union, etc.) who process mortgages and other loan products for their place of employment alone. While a mortgage banker may market quite a range of loan programs, they all are products with that particular lender.
Also known as a "loan representative" or "account executive," a mortgage banker acts of behalf of the borrower to the lender. The mortgage banker will guide the borrower through the selection, processing and loan closing. Lending institutions give their loan officers a commission or salary.
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