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Home / Blog / Mortgage Broker / Broker Services

Broker Services

May 27, 2011 By Mary Catchur

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!

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Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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    Refinancing with Mary has been an absolute pleasure. I have never been through the process before and she took the time to explain each step. She was prompt (had a rate locked in right away) and most importantly always answered the phone or emails almost immediately! The communication line alone made the refinancing process every bit worth it. Would recommend to anyone, and will be back for any future purchases! Bret Brennan, March 2021
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