Vienna Mortgage, Broker, Loan Officer
Mortgage Broker vs. Mortgage Banker
When you work on your application for a mortgage loan, you need to know the difference between a mortgage broker and a mortgage banker. People often confuse these because both will reap the same outcome: a new home. But for your application process, it can help if you know their differences.
A mortgage broker (either a group or an individual) is an independent agent for the mortgage loan borrower as well as the lender. Your mortgage broker will stand as facilitator between you and the lending institution; which can be a credit union, bank, trust company, finance company, mortgage corporation or even an individual, private investor. A mortgage broker can examine your financial situation to find out which lender is the best fit for your loan needs. Your broker will present your mortgage application to one or more lenders, and works with the chosen lender until the loan closes. The borrower pays a commission to the broker upon closing.
What is a Mortgage Banker?
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to market, and process mortgage loans solely originated by that particular institution. While a mortgage banker may market quite a variety of loan programs, they all are products from that lender alone.
Your mortgage banker represents you to the bank or other lending institution. A mortgage banker will guide you through the application, processing and closing of the loan. Either a salary or commission is given to mortgage brokers by their employers.
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