Mortgage Broker vs. Mortgage Banker
When it's time to locate a mortgage loan, you may work with a mortgage banker or you may choose to work with a mortgage broker. People usually confuse the two job types because both will produce the same outcome: a new home. But for the application process, it will benefit you if you know they ways they differ.
About Mortgage Brokers
A mortgage broker is someone or group that works as an independent agent for both the mortgage loan applicant and the lender. 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 partner with a mortgage broker to look at your financial circumstance and find the lender who has the best loan program for you. Your broker will present your mortgage application to one or more lenders, and works with the chosen lender until the loan closes. The borrower pays a commission to the broker upon closing.
About Mortgage Bankers
Mortgage Bankers are representatives of a specific lending institution (such as a bank, credit union, etc.) who promote and process mortgages and other loan programs from their place of employment alone. There may be a wide range of loans types to draw from even though all are products of that particular lender.
Your loan officer will represent you to the bank or other lending institution. From choosing a loan to closing, a mortgage banker can guide you through the process. Loan officers are compensated with a commission or salary for their services by their employers.
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