Tucker Mortgage, Broker, Loan Officer
Mortgage Broker vs. Mortgage Banker
Either a mortgage broker or a loan officer may help you when it's time to get a mortgage . It's common to confuse them since both will reap the same outcome: a new home. But for your application process, it will benefit you if you recognize how they are different.
A mortgage broker is a person 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 bank, trust company, credit union, mortgage corporation, finance company or even an individual, private 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 examine your finances to determine which lender is the best fit for your loan needs. Your broker will offer your mortgage loan application to several lenders, and works with the chosen lender until closing. The borrower pays a commission to the broker when the loan closes.
The most important difference between a mortgage broker and a loan officer is that a mortgage banker works on behalf of a lending institution (a bank, credit union, or others) to process loans only from that institution. There may be an assortment of loans types to draw from although all are programs of that particular lender.
A mortgage banker will represent you to the bank or other lending institution. From choosing a loan program to closing, a mortgage banker can guide a borrower through the process. Lending institutions pay their mortgage bankers a commission or salary.
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