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Mortgage Broker vs. Mortgage Banker

A mortgage broker is a person that brokers mortgage loans for people or companies. The mortgage broker is one who acts as a middleman between the loan companies and the borrower. A mortgage broker helps to bridge the gap and acts as a sort of link between the two parties. It is not uncommon for a broker to act as the go-between for the customer and the loan companies.

Mortgage bankers are a different breed of mortgage broker. Mortgage bankers are the bankers that work with financial institutions. They do not provide personal service to individual borrowers. Instead, they are concerned with lending institutions only. They will usually be employed by large financial institutions such as banks and mortgage bankers with specialties in certain areas such as commercial lending.

They will normally obtain pre-qualification from mortgage lenders. After this they will originate mortgage loans for individual mortgage borrowers. They then place these loans in a portfolio for safekeeping. Sometimes mortgage brokers will originate loans for companies, but not for individual borrowers. This is because many mortgage lenders only deal with a select group of companies and often do not entertain the idea of dealing with private investors.

A mortgage broker’s role is very different from that of the loan originator. The role of the broker varies according to each individual situation, but in most cases they provide the primary services to the loan applicant. This may include providing an estimate of the loan cost based on a number of factors including down payment and interest rate. They may also help the borrower to shop for the best loan offers from a number of mortgage lenders and get them approved so that the application process can begin.

It is important to understand that mortgage brokers are not direct lenders to the borrowers. Their function is instead to provide the lender with information regarding various loan options from a number of different lenders. They are not connected to any one particular lender and they have no fiduciary responsibility to the borrower. Although a broker does need to have a fiduciary duty to his or her clients, this is not the same as a primary mortgage lender or any other type of middleman.

In short, a mortgage banker, as a general term, refers to any financial professional who facilitates the loan application process between a lender and a borrower. In essence, a broker facilitates the loan origination process – making sure the loan application comes from a reliable source, finding the right lender for the borrower and getting the application approved before the end of the application season. While mortgage bankers have evolved over time to meet the needs of their clientele, the two parties have remained close partners and have co-operated to provide the best mortgage loan options to their customers.

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