What is the difference between a mortgage broker and a loan officer?
Author: Charly Applegate
Website: http://www.Cashflow-Answers.com
Added: Fri, Aug 11, 2006 10:39:57
Category: Cash Flow Questions
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Loan officers are usually employees of a bank, credit union, or other lending institution who are authorized to sell and process mortgages and other types of loans that their institution offers to the public. They are the ones who take your application and put together a loan that suits your preferences.
On the other hand, mortgage brokers are individuals who earn a commission or fee for bringing lenders and borrowers together. They act as scouts who evaluate your credit situation and determine the lender that will best fit your needs. In other words, the differences are as follows:
• A mortgage broker will recommend a lender that can help you to get a loan based on your credit situation, whereas loan officers recommend their own loan programs that will suit your needs.
• Mortgage brokers only process your loan application, whereas loan officers can close the deal and provide you the actual funds.
keywords: Cash Flow | Cashflow | Mortgage Broker | Loan Officer About the Author:
Charly Applegate answers frequently asked cash flow questions and factoring questions at PrettyGreatAnswers.com.
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