817-616-3651 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.

Mortgage Brokers

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.

Mortgage Bankers

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.

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