801.999.0493 Sandy Mortgage, Broker, Loan Officer

Mortgage Broker or Loan Officer

When you're looking to get a mortgage loan, you may work with a loan officer or you may choose to work with a mortgage broker. People sometimes confuse them as both will give the same result: a new home. However, it will be helpful to recognize the difference between them so you have clear expectations of them during your mortgage application process.

Mortgage Brokers

A mortgage broker is someone or firm that acts as an independent agent for the mortgage loan borrower as well as 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 a private 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 a private investor. A mortgage broker will look at your financial situation to find out which lender is the right fit for your loan needs. You give your mortgage loan application to your broker, who offers it to various lenders. Your mortgage broker then guides your work with the lender chosen until closing. The broker gets a commission from the borrower upon closing.

Loan Officers

Lending Institutions (banks, finance companies, and others) employ loan officers to offer, and process loans from that specific institution alone. While a loan officer may market quite a range of loan programs, they are all programs from that lender alone.

A loan officer (also known as an "account executive" or "loan representative") acts on behalf of the borrower to the lender. The borrower is walked through the whole process, from choosing the loan to closing, by the mortgage banker. Mortgage bankers are paid a commission or salary for their work by their employers.

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