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Return To Cashflow FAQ Archive   Search the Archives What is the difference between a mortgage broker and a loan officer? Answered By Charly Applegate, Editor Loan officers are usually employees or personnel of a bank, credit union, or other lending institutions who are tasked to sell and process mortgages and other types of loans that their institution are offering to the public. They are the ones who take your application and sorts out a loan that will suit your preferences. On the other hand, mortgage brokers are individuals who are commissioning a fee for bringing different lenders and borrowers. They act as scouts who evaluate your credit situation and determine the lender that will best fit your preference. In other words, by the definition given between loan officers and mortgage brokers, differences are as follows: * Your mortgage broker will recommend a lender that can help you to get the loan based on your credit situation, whereas loan officers are recommending their own loan programs that will suit your needs. * Mortgage brokers process your loan application, whereas loan officers will be the one to close the deal and provide you the actual funds. keywords: Cash Flow | Cashflow | Mortgage Broker | Loan Officer Cash Flow Calculation

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