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Costa Mesa Mortgage, Broker, Loan Officer

Know what to expect: Mortgage Brokers and Loan Officers

When you apply for a mortgage , you should know the difference between a mortgage banker and a mortgage broker. People sometimes confuse the two job types since both will yield the same outcome: a new home. Yet recognizing how they differ will be important to the mortgage process.

About Mortgage Brokers

A mortgage broker is a person or group that acts as an independent agent for both the mortgage loan borrower and the lender. Your mortgage broker will stand as facilitator between you and the lending institution; which can be a credit union, bank, trust company, finance company, mortgage corporation or even a private investor. A mortgage broker can analyze your numbers to determine which lender is the best fit for you. Your broker will offer your mortgage application to several lenders, and works with the lender of choice until closing. The borrower gives a commission to the broker upon closing.

What is a Loan Officer?

Mortgage Bankers represent a particular lending institution (such as a bank, credit union, etc.) who process mortgages and other lending programs from their place of employment alone. Although a loan officer may promote quite a range of loan programs, they will be products with that lender alone.

Your mortgage banker represents you to the bank or other lending institution. From selecting a loan program to closing, a loan officer can guide you through the process. Lending institutions pay their loan officers a commission or salary.

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