Macon Mortgage, Broker, Loan Officer

Know what to expect: Mortgage Brokers and Mortgage Bankers

When it comes to finding a mortgage loan, you should know the difference between a mortgage broker and a loan officer. Because a new home is the outcome of the work of both mortgage broker and loan officer, it's common to confuse the two. Yet recognizing the ways they differ is advantageous to the mortgage loan 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. Your mortgage broker will stand as coordinator between you and the lending institution; which can be a bank, trust company, credit union, mortgage corporation, finance company or even a private investor. You work with a mortgage broker to look at your financial situation and find the lender who has the best loan program for you. You deliver your mortgage application to your broker, who submits it to a number of lenders. Your mortgage broker then assists your work with the lender chosen until the closing of the loan. At closing, the broker's commission is paid by the borrower.

About Loan Officers

The biggest difference between a mortgage broker and a loan officer is that the latter is employed by a lending institution (a bank, credit union, or others) to market and process loans only originated from that institution. There may be a wide variety of loans types to choose from, but all are programs of that particular lender.

A mortgage banker (also known as an "account executive" or "loan representative") represents the borrower to the lender. The borrower is helped through the whole process, from loan selection to closing, by the mortgage banker. Lenders pay their mortgage bankers a salary or commission.

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