Macon Mortgage, Broker, Loan Officer
Know what to expect: Mortgage Brokers and Loan Officers
Either a mortgage broker or a loan officer can assist you when it's time to find a mortgage loan. Because both give the same outcome (a new home), it's easy to confuse them. However, it will be helpful to understand the ways they differ so you know what to expect from them as you enter your mortgage process.
About Mortgage Brokers
A mortgage broker is a person or group that is an independent agent for both the mortgage loan applicant and the lender. A mortgage broker facilitates things for you and your lender, which can be one of the following: a credit union, bank, trust company, finance company, mortgage corporation or even a private investor. Acting as a facilitator between you and your lender, your mortgage broker can match you with a credit union, bank, trust company, finance company, mortgage corporation or even an individual, private investor. A mortgage broker will analyze your numbers to find out which lender is the right fit for your loan needs. From application to closing, your mortgage broker works with you: offering your loan application to several lenders, and walking you with the chosen lender through to closing. At closing, the broker's commission comes from the borrower.
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to market, and process loans solely originated by that particular institution. They may have the ability to promote loans to fit a variety of situations, but all the loans are products from the same lender.
Also called a "loan representative" or "account executive," a loan officer acts of behalf of the borrower to the lending institution. From finding a loan program to closing, a mortgage banker can guide you through the process. Either a salary or commission is paid to loan officers by their employers.
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