Edina Mortgage, Broker, Loan Officer
Know what to expect: Mortgage Brokers and Mortgage Bankers
When you apply for a mortgage , you should know the difference between a mortgage broker and a loan officer. As both a mortgage broker and lending officer will help you fund your new home, it's easy to confuse them. Yet knowing how they differ is beneficial to the mortgage loan process.
A mortgage broker is an individual or company that 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 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 credit union, bank, trust company, finance company, mortgage corporation or even a private investor. A mortgage broker can consider your numbers to determine which lender is the best fit for you. Your broker will submit your loan application to one or more lenders, and works with the lender of choice until closing.
What is a Mortgage Banker?
Loan officers are representatives of a specific lending institution (such as a bank) who process mortgages and other lending programs originated by their company alone. Although a mortgage banker may offer quite a variety of loans, they will be programs from that lender alone.
Also called a "loan representative" or "account executive," a mortgage banker represents the borrower to the lending institution. From finding a loan program to closing, a mortgage banker can help you through the process. Mortgage bankers may be given a commission or salary for their services by their employers.
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