Richmond Hill Mortgage, Broker, Loan Officer
Mortgage Broker and Mortgage Banker
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. Since both a mortgage broker and lending officer will help you purchase your new home, people sometimes confuse the two. But as you enter the application process, it will help if you understand how they are different.
A mortgage broker (either a company or an individual) is an independent agent for both the mortgage loan borrower and 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 bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. Which lender has the loans that is right for you? A mortgage broker will lead you to the right fit. You give your mortgage loan application to your broker, who submits it to a number of lenders. Your mortgage broker then assists your work with the lender chosen until closing. The broker receives a commission from the borrower upon closing.
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to promote, and process loans solely originated by that specific institution. There may be a wide range of loans types to choose from, but all are programs of that specific lender.
Also called a "loan representative" or "account executive," a mortgage banker acts of behalf of the borrower to the lending institution. The borrower is helped through the whole process, from loan selection to closing, by the loan officer. Either a salary or commission is paid to mortgage brokers by their employers.
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