Macon Mortgage, Broker, Loan Officer
Know the difference: Mortgage Brokers vs. Mortgage Bankers
Either a mortgage broker or a loan officer can work with you when it comes to getting a mortgage . Since both produce the same outcome (a new home), people can confuse the two job types. Yet recognizing how they differ is useful to the mortgage loan process.
A mortgage broker (either a company or an individual) is an independent agent for both the mortgage loan borrower and the lender. A mortgage broker facilitates things between you and your lender, which can be one of the following: a bank, trust company, credit union, mortgage corporation, finance company or even an individual 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. You partner with a mortgage broker to analyze your financial circumstance and lead you to the lender who has the right mortgage loan for you. From application to closing, your mortgage broker facilitates your loan process: submitting your mortgage application to a number of lenders, and coordinating the process with the lender through to the closing of the loan. Upon closing, the broker's commission is paid by the borrower.
About Mortgage Bankers
Mortgage Bankers represent a particular lending institution (such as a bank) who offer and process mortgages and other lending programs on behalf of their employer alone. They may have the ability to market loans to fit many different situations, but all the loans will be products of the same lender.
Also known as a "loan representative" or "account executive," a loan officer represents the borrower to the lending institution. The borrower is guided through the entire process, from selecting the loan to closing, by the mortgage banker. Loan officers are paid a commission or salary for their work by their employers.
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