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Whats a mortgage broker and how is that job different from a loan officer?

April 26, 2017different Job loan mortgage broker officer

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Whats a mortgage broker and how is that job different from a loan officer?

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A mortgage broker represents many different lenders (banks, mortgage companies, private investors) similar to the way an independent property casualty insurance agent has the ability to price car or home insurance with different insurers. A mortgage broker arranges loan with mortgage lenders. Lenders provide the actual funds. A loan officer or loan originator is just a title for someone who works for a mortgage broker or a lender/bank.