What's the difference between a mortgage broker, and loan officer?
thanks!!
A loan officer is a person who works for a ridge or lending institution. He is the one who does the work on the loan, gathers the information, and interfaces near the person who wants to borrow the money.
A mortgage broker is not a personality but a company (though it might be just one person). The company works with lend institutions and sets up loans between them and customers. If you go to a mortage broker he knows what form of loan you need and what lending institution is possible to give you a good deal. He might dispense you several options.
A broker is some one who is licensed by a state to operate as an independent contractor that may stem loans through multiple lender partners who actually fund the loans. They are a sort of intermediary between the borrower and the actual lender.
A loan officer is an hand who works for a broker or other lending institution (e.g. bank, mortgage company, etc.). They may or may not be licensed depending on state regulation.
Source(s): 7 years mortgage lending experience.
"> To be legally call a "loan officer" in the state of CA you must have a Real Estate license.= and work underneath a Mortgage Brokers license.
A "mortgage broker" has a broker's license and carries beside it a higher level of liability and responsibility and sophisticated education in the tangible estate field to qualify. Also, a broker must have a license contained by each state that his company does loans in. Not so for the loan officer. Source(s): I am a loan officer within CA and can make loans all over the country through my licensed broker.
Related Questions:
Me and my partner own split we enjoy a united mortgage and loan what happen?
we cant afford to pay for them on our own ive moved out she wont sell how does this carry resolved without us both going bankrupt You are reasonably responsible for 1/2 of the morgage, so you have...
A loan officer is a person who works for a ridge or lending institution. He is the one who does the work on the loan, gathers the information, and interfaces near the person who wants to borrow the money.
A mortgage broker is not a personality but a company (though it might be just one person). The company works with lend institutions and sets up loans between them and customers. If you go to a mortage broker he knows what form of loan you need and what lending institution is possible to give you a good deal. He might dispense you several options.
A broker is some one who is licensed by a state to operate as an independent contractor that may stem loans through multiple lender partners who actually fund the loans. They are a sort of intermediary between the borrower and the actual lender.
A loan officer is an hand who works for a broker or other lending institution (e.g. bank, mortgage company, etc.). They may or may not be licensed depending on state regulation.
Source(s): 7 years mortgage lending experience.
"> To be legally call a "loan officer" in the state of CA you must have a Real Estate license.= and work underneath a Mortgage Brokers license.
A "mortgage broker" has a broker's license and carries beside it a higher level of liability and responsibility and sophisticated education in the tangible estate field to qualify. Also, a broker must have a license contained by each state that his company does loans in. Not so for the loan officer. Source(s): I am a loan officer within CA and can make loans all over the country through my licensed broker.
Related Questions:
Me and my partner own split we enjoy a united mortgage and loan what happen?
we cant afford to pay for them on our own ive moved out she wont sell how does this carry resolved without us both going bankrupt You are reasonably responsible for 1/2 of the morgage, so you have...