Mortgage Broker vs. Loan Officer
What is the difference between a mortgage broker and a loan officer? Are you better off working with one rather than the other?
While either a mortgage broker or loan officer can achieve the final results – getting you your new home loan or refinancing your mortgage, there are differences between how the two operate.
A mortgage broker is typically an individual who works for a mortgage brokerage firm. He/she acts as the “middleman” between the borrower and the ultimate lender. A mortgage brokerage firm will have relationships with many different lenders which allows them to “shop” your loan and find the lender that offers the best rate or mortgage program to suit your needs. The mortgage broker will submit your application to the lender, which may be a bank, credit union, trust company or a private investor, and he/she will work with that lender to close the loan. Many people assume that because a mortgage broker is a “middleman” that their fees will be higher. This is not necessarily the case, but regardless of who you work with, make sure that you get an estimate of their fees, along with their rate quote to make sure that there are no surprises.
A loan officer works directly for a lending institution, such as a bank. They also may have several types of loan programs to offer, but they can only offer the programs of the lender who employs them.
Marimark Mortgage is a licensed Mortgage Broker and is affiliated with many of the largest banks and lending institutions throughout the country. As a result, we have programs available to fit almost every borrower. We are a licensed coorespondent lending in Florida by the Office of Financial Regulation CL#0701805 and in Virgina by the Virgina State Corporation Commission MB#3659. Give us a call today and let us help find the best loan for YOU!