Newport Beach Mortgage, Broker, Loan Officer
Mortgage Broker or Loan Officer
When you apply for a mortgage , you may work with a mortgage banker or you may choose to work with a mortgage broker. Since both give the same result (a new home), people usually confuse them. Yet it is beneficial to recognize the ways they differ so you have clear expectations of them during the mortgage process.
About Mortgage Brokers
A mortgage broker (either a group or an individual) is an independent agent for the mortgage loan applicant as well as the lender. Your mortgage broker will stand as coordinator between you and the lending institution; which can be a credit union, bank, trust company, finance company, mortgage corporation or even an individual, private investor. A mortgage broker will consider your numbers to find out which lender is the right fit for you. Your broker will present your mortgage loan application to one or more lenders, and works with the chosen lender until closing. At closing, the broker's commission comes from the borrower.
Lending Institutions (banks, finance companies, and others) employ loan officers to offer, and process loans solely from that specific institution. They may have the ability to offer loans to fit a variety of situations, but all the loans are products from the same lender.
A mortgage banker will represent you to the bank or other lending institution. The loan officer can walk you through the selection, processing and closing of the loan. Mortgage bankers are given a commission or salary for their work by their employers.
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