Mortgage Broker vs. Bank Loan Officer
When you're looking to get a mortgage loan, you may work with a loan officer or you may choose to work with a mortgage broker. People often confuse the two job types even though both will glean the same results: a new home. However, it is important to understand the difference between the two types of jobs so you know what to expect from them during the mortgage application process. Try an extra $10,000 in fees out as a sample for your bank Loan Officer.
A mortgage broker is an individual or firm that acts as an independent agent for both the borrower and the lender of a mortgage loan. That's what American Dream Residential - Andy May Group LLC does. We're a mortgage broker and we find you the best possible mortgage we can. We are headquartered in Raleigh, North Carolina and can arrange mortgages in all 50 states......in particular we offer mortgages in Raleigh, North Carolina - Greensboro, North Carolina, Wilmington, North Carolina, Tampa and Miami Florida, Hilton Head South Carolina, all parts of Tennessee and Virginia.
Mortgage brokers are the middle man between you and Wall Street. Just like lending institutions, like a bank, trust company, credit union, mortgage corporation, finance company or even an individual private investor. The difference with American Dream Residential - Andy May Group LLC is that we don't have 1,000s of people that don't originate mortgages. We simply originate mortgages. That's what we do best.
A mortgage broker will analyze your financial situation to determine which program and lender is the best fit for your loan needs. He or she will submit your mortgage application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. He or she receives a commission from the borrower if the loan closes.
A loan officer is a representative of a lending institution, such as a bank, who works to sell and process mortgages and other loans originated by their employer. They often have a smaller variety of loans types to draw from, and only originate from that specific lender. They rarely tell you what they make on a loan....since banks have unfair regulatory advantages and often can operate from India and other high-service areas of the world.
Also known as a loan representative or account executive, loan officers represent the borrower to the lending institution and will guide him or her through the selection, processing and closing of mortgage loan. At American Dream Residential - Andy May Group LLC we help you navigate through the roughly 50,000 lenders that offer mortgage programs. We have selected an elite group of approximately 200 lenders.