Norman Mortgage, Broker, Loan Officer
Mortgage Broker vs. Mortgage Banker
When you work on your application for a mortgage , you may work with a mortgage banker or you may choose to work with a mortgage broker. As both a mortgage broker and mortgage banker can help you purchase your new home, people can confuse them. Yet recognizing how they differ will be advantageous to your mortgage process.
About Mortgage Brokers
During the mortgage loan process, an individual or firm who is an independent agent for both mortgage loan applicant and lender is a mortgage broker. Your mortgage broker will stand as facilitator between you and the lending institution; which may be a bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. A mortgage broker can consider your finances to find out which lender is the right fit for you. You give your mortgage application to your broker, who presents it to various lenders. Your mortgage broker then assists your work with the lender chosen until closing. Upon closing, the broker's commission comes from the borrower.
About Loan Officers
Loan officers are representatives of a particular lending institution (such as a bank) who market and process mortgages and other loan products on behalf of their company alone. There may be a wide range of loans types to choose from even though all are products of that specific lending institution.
A loan officer represents you to the bank or other lending institution. A loan officer will guide you through the application, processing and loan closing. Loan officers are paid a commission or salary for their services by their employers.
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