The Difference Between a Bank Loan Officer
and
a Mortgage Broker
Mortgage broker. Mortgage lender. Bank loan officer.
They’re all the same, right? Their job is to sell you mortgages.
Period… Well, not exactly. While all three are closely related, the nature
of their jobs deviates slightly from each other.
A loan officer at a
bank or a credit union is an employee working to sell and process mortgages and
loans for mortgage customers or home buyers. They may have several varieties of
loan types and mortgage products to offer but they all come from one specific
originator, their employers.
They want to win your banking business but
they seldom cut you great deals unless it is in your loan origination or
application fee. Where banks can save you money is often on a refinancing or an
assumable mortgage.
The loan officer’s job is to help you process
your application for a mortgage. To see if you’re suitable a certain
mortgage product, they will look into your personal credit account and start
the approval process for your transaction.
Like banks, mortgage
companies are in business of lending money. Generally, you'll get better
customer service with a mortgage company, although some hometown banks still
offer customers friendly customer service and some of them are still in tune
with the needs of the customer. Unfortunately many banks nowadays are only
interested in what they will make off of you if you are their customer.
Mortgage companies and banks can be quite competitive on some of their
fees and very much the same on others. This is one reason why it is important
for you to shop around for different options before you decide on one. Mortgage
Companies will occasionally try to beat local banks on their lending fees and
if they can accomplish this, then it is probably going to be advantageous for
you to secure your loan through the mortgage company.
Mortgage
brokers on the other hand are professionals who sell a variety of mortgage
products. They are responsible for bringing together mortgage lenders and
borrowers. As opposed to bank officers, mortgage brokers do not work for the
loan company or any lending organization or firm. Instead, they work
independently as free lance agents who are on the look out for borrowers
looking for a good mortgage.
Before shopping for a new home, it is a good idea
to find out what you can realistically afford.
What will your refinancing costs be?
How can you
reduce mortgage insurance costs?
How much will your mortgage payments
be?
A
Mortgage Calculator helps you figure out how much house you can buy based on current
mortgage terms and your personal financial situation.
LendingTree
Mortgage Loans 
:::Mortgage Banking Magazine::: The Magazine of
Real Estate Finance
Mortgage Banking serves one fundamental purpose: to
provide in-depth coverage of the real estate finance industry. You get
intelligent analysis of news and the most important issues and trends affecting
the industry. Backed by the strength and resources of the Mortgage Bankers
Association of America (MBA), this flagship publication is the leading source
covering the real estate finance industry.
National Association of Mortgage Brokers
Established in
1973, the National Association of Mortgage Brokers is the primary trade
association that represents the community. The association is affiliated with
46 states and promotes professional certification for mortgage brokers.
Mortgage brokers who are members of the National Association of Mortgage
Brokers are required to follow the association’s code of ethics and adhere
only to the best lending practices in his profession.
The American Bankers Association
Founded in 1875 and now
based in Washington, DC, the American Bankers Association represents banks of
all sizes on issues of national importance for financial institutions and their
customers. The ABA, on behalf of the more than two million men and women who
work in the nation's banks, brings together all categories of banking
institutions to best represent the interests of this rapidly changing industry.
Its membership -- which includes community, regional and money center banks and
holding companies, as well as savings associations, trust companies and savings
banks -- makes ABA the largest banking trade association in the country.
USFN - Home
USFN - America's Mortgage Banking Attorneys,
is a resource network serving the mortgage industry. Formerly known as the U.S.
Foreclosure Network, it is the largest not-for-profit association of law firms
and trustee companies in the nation. Our web site is a valuable educational and
informational resource for our members as well as for mortgage companies,
government agencies, investors and others who want to stay up-to-date on
legislative and regulatory developments, educational forums, and foreclosure
and bankruptcy law.
Mortgage Bankers Association - Investing in
Communities
The Mortgage Bankers Association (MBA) is the national
association representing the real estate finance industry, an industry that
employs more than 500,000 people in virtually every community in the country.
Headquartered in Washington, D.C., MBA invests in communities across the nation
by ensuring the continued strength of the nation's residential and commercial
real estate markets; expanding homeownership and extending access to affordable
housing to all Americans and supporting financial literacy efforts.
Mortgage Leads - Exclusive Mortgage Lead
Generation
How do you determine if your internet mortgage lead source
is any good and you won't be wasting your time and effort working on it? Here
are some guidelines to lessen your chances of finding worthless mortgage leads:
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