Mountain View Mortgage, Broker, Loan Officer

Mortgage Broker and Loan Officer

Either a mortgage broker or a loan officer may assist you when you work on your application for a mortgage loan. Since both reap the same result (a new home), it's understandable to confuse them. But as you begin the application process, it will benefit you if you understand their differences.

What is a Mortgage Broker?

A mortgage broker is someone or group that is an independent agent for the mortgage loan applicant as well as the lender. A mortgage broker facilitates things for you and your lender, which can be one of the following: a bank, trust company, credit union, mortgage corporation, finance company or even an individual, private investor. Acting as a facilitator between you and your lender, your mortgage broker can match you with a bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. A mortgage broker will review your numbers to find out which lender is the right fit for you. Your broker will present your loan application to a handful of lenders, and works with the lender of choice until closing. If the loan closes, the broker's commission is given by the borrower.

Loan Officers

Lending Institutions (banks, finance companies, and others) employ mortgage bankers to promote, and process mortgage loans solely originated by that specific institution. They may be able to offer loans to fit many different situations, but all the loans will be products of the same lender.

A mortgage banker (also called an "account executive" or "loan representative") acts on behalf of the borrower to the lending institution. The mortgage banker can help you through the application, processing and closing of the loan. Lenders compensate their loan officers with a salary or commission.

Are you looking for a new mortgage? We'd be thrilled to answer your questions about our mortgage offerings! Give us a call today at 650 428 0234. Ready to get started? Apply Here.

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