How do Bank Loan Officers and Mortgage Brokers differ?
Bank Loan Officers are representative of one lender, and work to provide you with a product that suits your individual needs. Should your application and personal credit be approved, the lender moves to the property purchase transaction. Mortgage brokers are considered more as freelance agents, as the provide links between dozens, sometimes hundreds of lenders and an invidual. They are paid a fee to bring these two parties together. They analyze a person’s credit to determine which lender is best for that individual. Sometimes there are few differences from the individual perspectives when considering local lenders. Some mortgage brokers choose out of town lenders who may not fully comprehend local situations and market conditions, and therefore may cause delays in loan processing and closing. Local bank officers, on the other hand, will likely have a better understanding of local situations, and may process the transaction faster than an out of town lender. Many times, the decision be
