North Richland Hills Mortgage, Broker, Loan Officer
Mortgage Broker and Loan Officer
When you're looking to get 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 lending officer can help you fund a new home, people often confuse them. But for your application process, it will help if you recognize how they differ.
A mortgage broker (either a company or an individual) is an independent agent for the mortgage loan applicant as well as the lender. A mortgage broker facilitates things between 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 credit union, bank, trust company, finance company, mortgage corporation or even an individual investor. A mortgage broker will review your financial situation to find out which lender is the right fit for you. From application to closing, your mortgage broker works with you: offering your mortgage application to a number of lenders, and walking you with the chosen lender through to the closing of the loan. At closing, the broker's commission comes from the borrower.
The biggest 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 market and process loans only from that institution. They may have the ability to market loans to fit a variety of situations, but all the loans are programs of the same lender.
A loan officer (also called an "account executive" or "loan representative") acts on behalf of the borrower to the lending institution. A loan officer can guide you through the application, processing and closing of the loan. Lending institutions compensate their mortgage bankers with a commission or salary.
In the market for a new mortgage loan? We'll be glad to answer your questions about our mortgage offerings! Call us at
817-616-3651. Ready to get started? Apply Here