Langhorne Mortgage, Broker, Loan Officer
Mortgage Broker and Loan Officer
Either a mortgage broker or a mortgage banker may work with you when you apply for a mortgage . Because both a mortgage broker and lending officer can help you buy a new home, people sometimes confuse the two. But as you enter your application process, it can help if you know how they are different.
A mortgage broker (either a firm or an individual) is an independent agent for the mortgage loan borrower as well as the lender. Your mortgage broker will stand as facilitator between you and the lending institution; which can be a credit union, bank, trust company, finance company, mortgage corporation or even a private investor. A mortgage broker will look at your numbers to determine which lender is the right fit for your loan needs. Your broker will present your mortgage application to one or more lenders, and works with the chosen lender until closing. Upon closing, the broker's commission is paid by the borrower.
What is a Mortgage Banker?
Loan officers represent a particular lending institution (such as a bank) who process mortgages and other loans for their company alone. They may have the ability to promote loans to fit a variety of situations, but all the loans are products of the same lender.
Also known as a "loan representative" or "account executive," a loan officer acts of behalf of the borrower to the lender. From finding a loan to closing, a mortgage banker will guide a borrower through the process. Loan officers are compensated with a commission or salary for their work by their employers.
Shopping for a mortgage loan? We'd be thrilled to discuss our mortgage offerings! Call us at
(215)741-3131. Ready to begin? Apply Here