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This question is about what a mortgage banker does, what a loan officer does, and mortgage banker.
Mortgage Banker vs. Loan Officer
A mortgage banker works on the borrower's behalf to find the best rate and loan options from multiple institutions. On the other hand, a loan officer works for a bank, credit union, or financial institution and will offer programs or rates that are available from that institution only.
A mortgage banker is an individual or entity that originates, funds, and sometimes services mortgage loans. They use their funds or funds from a warehouse lender to fund the loans. They may keep the mortgage loan or sell it to an investor.
A loan officer works directly for a lender and their job is to explain the options available from that lender. They will help you with the application process and may be able to reduce rates and fees or offer access to more assistance programs. They are paid on commission and are limited to their lender only.
There are many differences between a mortgage banker and a loan officer in terms of who they work for and the options they can offer.
Here are the key differences between a loan officer and a broker:
A mortgage banker is a company or individual that originates mortgages
A loan officer works directly for a financial institution
A mortgage banker functions as a lender in the funding of the loan
A loan officer can only offer programs from their institution
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