2006-09-01 03:40:48 · 3 answers · asked by Tara 2 in Business & Finance ➔ Other - Business & Finance
A mortgage broker has no money but he has a list of all of the people who do and can call them until he finds one that will loan you money for a mortgage. A loan officer is one of those people. They work at a bank or a loan company and will respond to the broker's request to see if you are eligible for a mortgage from their organization. Since they have an ongoing working relationship with a broker, loan officers might bend the rules if you are recommended and give you a loan even if you are borderline. They also sometimes give kickbacks to brokers for bringing in lucrative loan customers.
2006-09-01 03:47:07 · answer #1 · answered by Rich Z 7 · 0⤊ 0⤋
Broker has a broker license to work in that state the lo doesn't but the lo works for the broker, because the lo can not broker loans with out a license
2006-09-01 10:51:06 · answer #2 · answered by tre s 1 · 0⤊ 0⤋
Hope this helps.
http://finance.yahoo.com/loan/mortgage/ask_the_professor/article/101646/What_is_the_Difference_between_Lenders_Brokers_and_Loan_Officers
2006-09-01 10:48:00 · answer #3 · answered by whtecloud 5 · 0⤊ 0⤋