Mortgage Broker or Loan Officer

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When you apply for a mortgage loan, you need to know the difference between a loan officer and a mortgage broker. People frequently confuse the two job types since both will glean the same result: a new home. Yet it will be helpful to know the difference between them so you know what to expect from them during the mortgage application process.

What is a Mortgage Broker?

During the mortgage loan process, an individual or company who is an independent agent for both mortgage loan borrower and lender is a mortgage broker. Your mortgage broker will stand as facilitate between you and the lending institution; which may be a bank, trust company, credit union, mortgage corporation, finance company or even a private investor. A mortgage broker will look at your numbers to find out which lender is the right fit for you. From application to closing, your mortgage broker works with you: offering your mortgage application to several lenders, and walking you with the chosen lender through to the closing of your loan. Upon closing, the broker's commission comes from the borrower.

Loan Officers

Loan officers work for a specific lending institution (such as a bank) who process mortgages and other loan programs originated by their company alone. They may be able to offer loans to fit many different situations, but all the loans are programs from the same lender.

Also known as a "loan representative" or "account executive," a loan officer represents the borrower to the lending institution. From choosing a loan to closing, a loan officer can guide you through the process. Lending institutions compensate their loan officers with a salary or commission.

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