Mortgage Banker/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 banker/broker.  People often confuse the two job types.  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.

A banker/broker is an individual or firm that acts as an independent agent for both the borrower and the lender, working for you to source the best product and price to fit you specific needs.

A banker/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.

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 typically can only originate from their own bank.