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| *Loan,banking and credit>>>mortgage loan |
Is there a difference between a loan officer and a mortgage broker? |
also, is mortgage consultant just another name for loan officer? A mortgage broker is a licensed person who can get banks to sign up with them if they meet the requirments of the bank. A loan officer is usually someone who works for that broker, and a Mortgage consultant does the same thing. There are many mortgage people out there who will use whatever seems most attactive for there title. I'm a person who does loans in MN and I consider myself a Loan Consultant. I work for a company who is approved with over 100 banks and I consult people on the bank that fit's there needs. So there is a difference, but there is nothing regulating people in my business to a particular title. a loan officer works for the lending institution and the Broker is an individual that works with many NO THEY BOTH HAVE A LICENSE TO STEAL FROM YOU MY BRAIN NO, they're both crooks. Broker ---> Independent Loan officer -----> Some institution, bank etc There are numerous names for people that do mortgages; Loan Officer, Loan Broker, Loan Banker, Mortgage Consultant, Loan Specialist... on and on. All names are interchanged, however, a Mortgage Banker is technically a company that holds the mortgage for a period of time and funds with their own money. A Mortgage Broker sells the loan at the closing table (Table Funding) There is no bad answer as to the best way. I work for Allied Home Mortgage Capital Corp. and we do both options. I believe that flexibility of program and pricing is the best for our clients. Others will argue differently. |
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