Vienna Mortgage, Broker, Loan Officer
Know the difference: Mortgage Brokers vs. Loan Officers
When you need a mortgage loan, you may work with a mortgage banker or you may choose to work with a mortgage broker. Since both give the same outcome (a new home), it's common to confuse the two job types. But for your application process, it can benefit you if you recognize how they are different.
About Mortgage Brokers
A mortgage broker (either a company or an individual) is an independent agent for both the mortgage loan applicant and the lender. 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 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, private investor. Which lender offers the loans that fits your needs? A mortgage broker will lead you to the right one. From application to closing, your mortgage broker works with you: offering your mortgage application to a number of lenders, and walking you with the chosen lender through to closing. At closing, the broker's commission is given by the borrower.
About Loan Officers
Lending Institutions (banks, finance companies, and others) employ loan officers to promote, and process loans solely originated by that specific institution. There can be a variety of loans types to choose from even though all are programs of that specific lending institution.
Also called a "loan representative" or "account executive," a mortgage banker represents the borrower to the lender. From selecting a loan to closing, a mortgage banker can guide a borrower through the process. Either a salary or commission is given to mortgage brokers by their employers.
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