Miami Beach Mortgage, Broker, Loan Officer
Mortgage Broker or Mortgage Banker
Either a mortgage broker or a loan officer may assist you when you apply for a mortgage loan. As both a mortgage broker and lending officer can help you buy your new home, people can confuse them. Yet knowing the ways they differ will be useful to the mortgage process.
What is a Mortgage Broker?
During the mortgage loan process, an individual or group who is an independent agent for the mortgage loan borrower as well as the lender is a mortgage broker. Your mortgage broker will stand as coordinator between you and the lending institution; which may be a bank, trust company, credit union, mortgage corporation, finance company or even an individual, private investor. You use a mortgage broker to look at your financial circumstance and find the lender who has the right mortgage loan for you. You deliver your mortgage application to your broker, who submits it to a number of lenders. Your mortgage broker then helps you work with the lender chosen until closing. At closing, the broker's commission is given by the borrower.
What is a Mortgage Banker?
Lending Institutions (banks, finance companies, and others) employ loan officers to offer, and process loans solely from that specific institution. There can be a wide range of loans types to choose from, but all are programs of that specific lending institution.
A mortgage banker (also called an "account executive" or "loan representative") acts on behalf of the borrower to the lender. From choosing a loan to closing, a mortgage banker will help a borrower through the process. Either a salary or commission is paid to mortgage brokers by their employers.
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