Mortgage broker. Mortgage lender. Bank loan officer. They’re all the
same. Their job is to sell you mortgages. Period… Well, not exactly.
While all three are closely related, the nature of their jobs deviates
slightly from each other.
What’s a mortgage broker?
Contrary to popular belief, mortgage brokers do not work for the loan
company or any lending organization or firm. A mortgage broker is
a real estate financing professional who works independently from
a lender. A mortgage broker concentrates on the instigation of residential
or commercial mortgages. The lending company is the “wholesaler.”
The mortgage broker is the one who provides the actual funding and
servicing to these loan “wholesalers.”
Basically, mortgage brokers are freelance agents working with (not
for) various wholesale lenders. Almost half of all the real estate
residential loans in the United States are instigated by mortgage
broker firm operations.
Mortgage Broker Services
Mortgage brokers have direct access to hundreds of loan products.
Because of this, mortgage brokers are the best when it comes to providing
consumers cost-effective and efficient options that cater to their
specific loan needs. The mortgage broker evaluates and provides assessment
based on the financial details which the customer gives. Using this
information as leverage, the mortgage broker would then search through
the hundreds of posted rates in order to find the best one for the
customer. In this way, not only does a mortgage broker provide their
customers with expertise and convenience, but choice as well.
Mortgage lending is a complicated task. Mortgage brokers act as guides
for consumers, helping them through the entire process. When confusion
sets in, mortgage brokers help dispel this by offering extensive choices
and advice to aid the consumer maintain his financial balance with
"Money is like an arm or leg -- use it or lose it."
- Henry Ford
When customers have a bad credit or a less-than attractive credit
history, mortgage brokers help them get loans by looking for lending
companies that are willing to let these types of consumers borrow
money. Mortgage brokers also use novel loan packages to allow customers
with low to moderate income enjoy the benefits of home ownership.
Mortgage brokers help consumers save on their time, money, and effort.
Because mortgage brokers provide assessment on their clients’ financial
status, they can easily target products which more or less cover and
fit with the clients’ needs. This makes the job easier and less time-consuming.
Mortgage brokers maintain contacts with several lending companies.
This allows mortgage brokers to get the cheapest loans for their clients.
National Association of Mortgage Brokers
Established in 1973, the National Association of Mortgage Brokers
is the primary trade association that represents the community. The
association is affiliated with 46 states of the United States and
promotes professional certification for mortgage brokers.
Mortgage brokers who are members of the National Association of Mortgage
Brokers are required to follow the association’s code of ethics and
keep only the best lending practices in his profession. The mortgage
broker acts as the liaison between the lender and the borrower. A
mortgage broker is responsible for bridging the gap between these
two. Such a large responsibility requires a mortgage broker to be
completely thorough in his dealings with both and in the mortgage
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