If you are looking for a mortgage, you have two options when it comes to getting a professional to help you through the process: a loan officer or a mortgage broker. The roles are similar. A loan officer and a mortgage broker both will ask questions about your financial situation and help you fill out a mortgage application and get it processed. But in other ways, their roles are very different. A loan officer works for a bank, credit union, or another mortgage lender, and will offer only the programs and mortgage rates that are available from that institution. A mortgage broker works on a borrower's behalf to find the best rate and loan from a number of institutions. The loan officer may receive a commission for successfully processing your application. The mortgage broker will charge you, the bank, or both a commission and fees. Key Takeaways Loan officers work for mortgage lenders like banks or other financial institutions. Mortgage brokers are independent and can recommend the best fit for the borrower’s needs from a number of institutions. A mortgage loan officer receives a commission for obtaining your application. A mortgage broker may charge you, the bank, or both for… Read full this story
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