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This question is about what a mortgage banker does, what a mortgage broker does, and mortgage banker.
Mortgage Banker vs. Mortgage Broker
A mortgage banker is someone who underwrites, approves, and closes loans for borrowers, while a mortgage broker is someone who brings mortgage borrowers and mortgage lenders together.
After closing a loan mortgage, bankers then may sell the loan to retail banks, investment firms, or agencies. Mortgage bankers operate as a one-stop shop for mortgages. Mortgage bankers focus solely on mortgage lending without the distraction of other lending products or personal finance services.
Mortgage brokers are federally licensed firms or individuals who sell loan programs on behalf of lenders. They act as an intermediary between a client and a financial institution that offers mortgages. When a mortgage broker successfully makes a deal, they may make a commission from the client as well as the banking institution.
Here are the key differences between a mortgage banker and a mortgage broker:
Mortgage bankers underwrite, approve, and close loans for borrowers
Mortgage brokers act as an intermediary between borrowers and lenders
Mortgage bankers are involved in lending money in the form of mortgages
Mortgage brokers are the ones lending the money for a mortgage and do not work for a bank
On average mortgage bankers have a lesser salary than mortgage brokers
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