Loan Officer
Related Terms: Lender, Mortgage Banker
Your loan officer is an employee of the bank or lending company where you are applying for mortgage. Loan officers look for home loan solutions for you from within options available at the company they works for. They go by many names, including mortgage bankers, mortgage consultants, etc.
Though the names are often interchangeable, it is important to remember the difference between a loan officer and a mortgage broker. Your loan officer specializes in the mortgage options that his/her company offers and works to match you to the best one.
A mortgage broker does the same job, except that he/she is independent of a bank or lender, and has knowledge of mortgages offered by many different companies. The broker has relationships with many different lending institutions and understands what they all offer in order to find the best loan for each borrower.
Both mortgage brokers and loan officers require certain information from you in order to do this. They are your direct point of contact while filling out the loan application, and pull your credit report to find the best option for you.
A mortgage broker does the same job, except that he/she is independent of a bank or lender, and has knowledge of mortgages offered by many different companies. The broker has relationships with many different lending institutions and understands what they all offer in order to find the best loan for each borrower.
Both mortgage brokers and loan officers require certain information from you in order to do this. They are your direct point of contact while filling out the loan application, and pull your credit report to find the best option for you.
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