What Does A Mortgage Broker Do

Posted by admin on July 26th, 2007 at 12:35pm

Q. What Does A Mortgage Broker Do

A. A mortgage broker is a loan officer but a loan officer may not be a broker. A loan officer works for a mortgage broker in many states. But, you are right they are often used interchangeably. - That is not my understanding. A loan officer is an employee of a lending institution such as a bank or insurance company whose job is to process applications for mortgage loans and make a decision regarding acceptance or rejection. A mortgage broker is an agent whose job is to shop around among various lenders on behalf of a client and obtain a suitable mortgage for that client. For a lot of useful information about mortgages, brokers, etc., go to this site: http://www.mtgprofessor.com/ - Not necessarily. The loan officers that work in a bank are captive loan officers compared to loan officers who work for a mortgage broker but that does not change the basic roles of the position. .

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