Mortgage Broker or Loan Officer

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Either a mortgage broker or a loan officer can assist you when it's time to get a mortgage loan. People can confuse the two job types since both will glean the same outcome: a new home. Yet it is useful to know the ways they differ so you have clear expectations of them as you enter your mortgage application process.

About Mortgage Brokers

During the mortgage loan process, an individual or group who is an independent agent for the mortgage loan applicant as well as the lender is a mortgage broker. A mortgage broker coordinates 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 investor. You use a mortgage broker to consider your financial circumstance and find the lender who has the best loan program for you. You deliver your application to your broker, who presents it to various lenders. Your mortgage broker then helps you work with the lender chosen until the loan closes. The broker is given a commission from the borrower if the loan closes.

About Loan Officers

The most important difference between a mortgage broker and a loan officer is that a loan officer is employed by a lending institution (a bank, credit union, or others) to process loans only from the products of that institution. While a loan officer may market quite a variety of loans, they will be programs of that specific lender.

Also called a "loan representative" or "account executive," a loan officer represents the borrower to the lending institution. The loan officer will guide you through the selection, processing and loan closing. Lending institutions give their loan officers a salary or commission.

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