Is a mortgage broker the same as a loan officer?
A mortgage broker acts as an agent for both the borrower and the chosen lending institution, coordinating the process of determining which lender is most appropriate for the borrower’s needs. A loan officer represents a single lending institution.
Different from a mortgage broker, the loan officer generally does not help the borrower choose which lending institution will provide the most appropriate loan for the borrower’s needs, but rather, offers the best loan available at that particular lending entity.
The loan officer can, however, help the borrower process mortgages and loans of all types offered by that institution. Often a mortgage broker will interface with a loan officer once the appropriate lender is determined.
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