A loan officer who works for a bank and provides loans, including mortgages, is different from a mortgage broker who connects mortgage borrowers and lenders.
A mortgage broker is an individual who is not affiliated with banks, credit unions, or other mortgage lenders. Their objective is to act as a middleman between a client and a lending institution. When a mortgage broker closes a deal successfully, they may receive commission from both the client and the financial institution.
An employee of a bank, credit union, or other mortgage lender is a loan officer. They provide mortgage rates and programs through the organization where they work. In exchange for processing a client’s application, a loan officer might be paid a commission.
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FAQ
What is the difference between a mortgage broker and a loan officer?
A loan officer will only present mortgage programs and rates that are offered by the bank, credit union, or other mortgage lender for which they work. A mortgage broker searches for the best rate and loan from several institutions on behalf of a borrower.
Is it better to work with a mortgage broker or lender?
Working directly with a bank gives you more control and is more affordable than using a mortgage broker, who can provide a wider range of options and speed up the mortgage process.
Is a mortgage officer and a loan officer the same thing?
A loan officer, also known as a mortgage loan officer, represents a bank, credit union, or other financial institution at work.