855-375-1211 Dallas Mortgage, Broker, Loan Officer

Mortgage Broker vs. Loan Officer

When it's time to apply for a mortgage loan, you may work with a loan officer or you may choose to work with a mortgage broker. Because both reap the same outcome (a new home), it's common to confuse them. But as you enter your application process, it can help if you recognize how they differ.

What is a Mortgage Broker?

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 may be a credit union, bank, trust company, finance company, mortgage corporation or even an individual, private investor. A mortgage broker can look at your financial situation to determine which lender is the best fit for your loan needs. You deliver your application to your broker, who submits it to a number of lenders. Your mortgage broker then guides your work with the lender chosen until the loan closes. The broker receives a commission from the borrower at closing.

What is a Mortgage Banker?

Lending Institutions (banks, finance companies, and others) employ loan officers to offer, and process mortgage loans solely originated by that particular institution. There may be a variety of loans types to draw from even though all are products of that particular lending institution.

Your mortgage banker represents you to the bank or other lending institution. The mortgage banker will help you through the selection, processing and loan closing. Lending institutions compensate the mortgage bankers with a salary or commission.

Shopping for a mortgage? We'd be thrilled to discuss our many mortgage solutions! Call us at 855-375-1211. Ready to begin? Apply Online Now.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question
By checking the box, you agree that Affordable Lending LLC may call/text you about your inquiry, which may involve use of automated means and prerecorded/artificial voices.. Message/data rates may apply.