Mortgage Broker and Loan Officer

When you need a mortgage, you need to know the difference between a mortgage broker and a mortgage banker. Because a new home is the result of the work of both mortgage broker and mortgage banker, people frequently confuse the two. However, understanding how they differ is helpful to your mortgage loan process.

About Mortgage Brokers

During the mortgage loan process, an individual or company who is an independent agent for the mortgage loan borrower as well as the 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, private investor. You partner with a mortgage broker to look at your financial situation and lead you to the lender who has the right loan for you. From application to closing, your mortgage broker facilitates the loan process: presenting your mortgage application to a number of lenders, and coordinating the process with the lender through to closing. The borrower gives a commission to the broker if the loan closes.

About Loan Officers

Lending Institutions (banks, finance companies, and others) employ mortgage bankers to market, and process mortgage loans solely originated by that specific institution. Although a loan officer may offer quite a variety of loan programs, they are all programs with that particular lender.

A loan officer (also called an "account executive" or "loan representative") represents the borrower to the lender. 

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