Miami Beach Mortgage, Broker, Loan Officer

Know what to expect: Mortgage Brokers and Mortgage Bankers

Either a mortgage broker or a loan officer can help you when you apply for a mortgage . Since a new home is the result of the work of both mortgage broker and loan officer, people often confuse the two job types. But as you enter your application process, it can benefit you if you know how they are different.

Mortgage Brokers

A mortgage broker (either a firm or an individual) is an independent agent for the mortgage loan applicant as well as the lender. A mortgage broker coordinates 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 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 an individual, private investor. You partner with a mortgage broker to review your financial circumstance and find the lender who has the right loan program for you. You deliver your application to your broker, who offers it to a number of lenders. Your mortgage broker then assists your work with the lender chosen until the closing of the loan. The broker receives a commission from the borrower upon closing.

Mortgage Bankers

Lending Institutions (banks, finance companies, and others) employ mortgage bankers to offer, and process mortgage loans on behalf of that specific institution alone. They may be able to offer loans to fit a variety of situations, but all the loans are programs of the same lender.

A mortgage banker represents you to the bank or other lending institution. From choosing a loan program to closing, a loan officer can help the borrower through the process. Lending institutions compensate their loan officers with a salary or commission.

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