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This question is about what a lender does, what a loan officer does, and lender.
Lender vs. Loan Officer
A lender is a bank, credit union, or financial institution that is providing the money to the borrower at closing, while the loan officer is the employee that is performing the loan origination functions for the lender.
A lender is a financial institution that makes funds available for a person or business with the expectation that the funds will be repaid. Repayment will include the payment of any interest or fees and may occur in increments or as a lump sum. There are different kinds of lenders including mortgage, direct lenders, and secondary market lenders.
A loan officer is an employee of the lender. They are responsible for finding, selling and counseling customers, and taking applications. They also evaluate, authorize, or recommend approval of loan applications for people and businesses. Most loan officers specialize in either residential or commercial loans.
There is a large difference between a lender and a loan officer including who they work for.
Here are the key differences between a lender and a loan officer:
A lender is an organization that provides the funds to the applicant
A loan officer is an employee of the lender
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