Vienna Mortgage, Broker, Loan Officer
Know the difference: Mortgage Brokers and Loan Officers
When it comes to locating a mortgage loan, you should know the difference between a mortgage broker and a mortgage banker. Since both give the same outcome (a new home), it's common to confuse the two. Yet understanding how they differ is valuable to your mortgage process.
A mortgage broker is someone or company that is an independent agent for both the mortgage loan applicant and the lender. Your mortgage broker will stand as coordinator between you and the lending institution; which may be a bank, trust company, credit union, mortgage corporation, finance company or even an individual, private investor. Which lender has the mortgage loans that is best for you? A mortgage broker will lead you to the best fit. From application to closing, your mortgage broker facilitates your loan process: submitting your loan application to several lenders, and coordinating the process with the lender through to closing. The borrower submits a commission to the broker at closing.
What is a Mortgage Banker?
Loan officers represent a specific lending institution (such as a bank) who process mortgages and other loan products originated by their place of employment alone. Although a mortgage banker may promote quite a range of loan programs, they all are programs from that lender alone.
Also known as a "loan representative" or "account executive," a mortgage banker represents the borrower to the lending institution. From finding a loan to closing, a loan officer will help the borrower through the process. Mortgage bankers will be compensated with a commission or salary for their work by their employers.
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