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This question is about what a mortgage broker does, what a loan officer does, and mortgage broker.
Mortgage Broker vs. Loan Officer
A mortgage broker is a person who brings mortgage borrowers and mortgage lenders together, while a loan officer is someone who works for a bank and offers loans, including mortgages.
A mortgage broker is someone independent of banks, credit unions, and other mortgage lenders. They aim to be the intermediary between a client and a financial institution that offers mortgages. When a mortgage broker successfully makes a deal, they may make the commission from the client as well as the banking institution.
A loan officer works for a bank, credit union, or another mortgage lender. They offer programs and mortgage rates from the institution where they work. A loan officer may receive a commission for processing a client's application.
Here are the key differences between a mortgage broker and a loan officer:
A mortgage broker does not work for a bank or other financial institution, they act as an intermediary between clients and banks
A loan officer works in a bank, credit union, or other financial institution
A loan officer receives a commission from the client when successfully completing their loan application
A mortgage broker receives commissions from both the client and the financial institution the mortgage was lent from
Loan officers can only offer loans from the bank or credit union they work for
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