What is the difference between a broker and a mortgage person?

Answer 1

A broker does not initiate a morgtage. His/her service is only to find a morgtage company or lender that will "consider" a loan for the person seeking a morgtage.
No guarantees are offered, but the broker may charge a fee.
The broker may also receive a fee or "comission" for referring the person to the lender.
They often advertise that they will find a lender for one seeking a loan. Many people with shakey credit think they can do the impossible.
I personally can't believe that people use them.

A morgtage person works for a lender or may be the actual loan officer, responsible for approving a loan.

Answer 2

The definition will change a little from state to state.

Your choices in getting a loan is to go to either a bank or to a mort. broker. The broker will look for a loan from up to 1000 sources. If you have credit issues, etc., he tries to find the best loan for you. They can sometime repair credit, and help you understand the process.

When you go directly to the bank, they will try to fit what they have to your needs. The advantage is a less expensive loan, you hope. A big advantage might be lower closing costs.

Answer 3

there are diverse names for people who do mortgages; mortgage Officer, mortgage broking provider, mortgage Banker, mortgage representative, mortgage expert... on and on. All names are interchanged, inspite of the shown fact that, a private loan Banker is technically a business enterprise that holds the mortgage for a volume of time and funds with their own funds. A mortgage broking provider sells the mortgage on the final table (table investment) there isn't any undesirable answer as to the terrific way. I artwork for Allied domicile mortgage Capital Corp. and we do the two concepts. i think that flexibility of application and pricing is the terrific for our customers. Others will argue in a various way.