Residential Mortgage Application: The Broker vs The Officer

When you are filling out a residential mortgage application, you could potentially be working with a mortgage broker or a loan officer. While these individuals are similar, there are some key differences that you will want to understand. Here are the differences between the mortgage broker and the loan officer.

Mortgage Broker

A mortgage broker is an individual that is going to connect you with lenders. You are not actually going to be trying to get a loan from the broker. He is simply going to act as a middleman, helping you find the loan that you want. In many cases, he will be paid by the lender from whom you get a loan.

Loan Officer

The loan officer is actually employed by the bank or the lender that you are working with. The mortgage broker may have referred you to this lender, and then you are going to work with the loan officer to apply for the loan. You will fill out your application, and the loan officer will help you with any questions that you might have about the process. She is going to review your application, and then she is going to help determine if you qualify for the loan.