Macon Mortgage, Broker, Loan Officer
Mortgage Broker or Loan Officer
When you need a mortgage , you should know the difference between a mortgage banker and a mortgage broker. It's easy to confuse them as both will yield the same result: a new home. Yet understanding the differences between them will be useful to your mortgage process.
About Mortgage Brokers
During the mortgage loan process, an individual or company who is an independent agent for both mortgage loan applicant and lender is a mortgage broker. 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 an individual investor. Acting as a facilitator between you and your lender, your mortgage broker can match you with a bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. Which lender has the loan programs that fits your needs? A mortgage broker will help you find the best one. From application to closing, your mortgage broker facilitates your loan process: offering your application to a number of lenders, and coordinating the process with the lender through to closing. The borrower gives a commission to the broker at closing.
Lending Institutions (banks, finance companies, and others) employ loan officers to promote, and process loans solely originated by that specific institution. They may have the ability to promote loans to fit many different situations, but all the loans will be products from the same lender.
A mortgage banker (also called an "account executive" or "loan representative") represents the borrower to the lender. The borrower is walked through the entire process, from choosing a loan to closing, by the mortgage banker. Either a salary or commission is given to mortgage brokers by their employers.
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