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Once you settle on a mortgage, the broker then acts as your loan officer: They collect your documents and communicate directly with the lender to help get your loan application underwritten and ...
Mortgage banker vs. loan officer. The difference between a mortgage banker versus a loan officer might not be as obvious. All mortgage bankers are loan officers, but not all loan officers are ...
Mortgage broker vs. lender vs. loan officer. ... A loan officer is the borrower’s primary contact point if they use a bank, credit union or traditional lender to get a mortgage.
Continue reading → The post Mortgage Broker vs. Loan Officer: Which Is better? appeared first on SmartAsset Blog. Getting a home loan is a big financial decision. This is why it’s important to ...
Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. [1] Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions. Mortgage loan officers must be licensed. [1]
A mortgage broker works as a conduit between the buyer (borrower) and the lender (banks and non-bank lenders), whereas a loan officer typically works directly for the lender. Many states require the mortgage broker to be licensed.