Mortgage lenders vs. Mortage Brokers - Diamond Funding Corporation

Mortgage Broker vs. 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 obtain the same results: a new mortgage. However, it is important to understand the difference between the two types so you know what to expect during the mortgage application process.

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.

Mortgage brokers are the middle man between you and the lending institution, which can be a bank, trust company, credit union, mortgage corporation, finance company or even an individual private investor. A mortgage broker will analyze your financial situation to determine which lender is the best fit for your loan needs. He or she will submit your mortgage application to one or more lenders 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 who works to sell and process mortgages and other loans originated by their employer. They often have a wide variety of loans types to draw from.

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.

Diamond Funding is licensed as both a mortgage lender and a mortgage broker. We will provide whichever service is best for you, once we understand your goals and circumstances.

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