Is a Mortgage Broker the same as a Loan Officer? I hear them being used
synonymously. Is there a difference?
--
Warmest regards,
Steve Horrillo, Realtor / C.Ht. =^..^=
"Steve Horrillo" <> wrote in message
news:xOGtf.5771$
> Is a Mortgage Broker the same as a Loan Officer? I hear them being used
> synonymously. Is there a difference?
>
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.
www.AmericanWest.biz
> --
> Warmest regards,
>
> Steve Horrillo, Realtor / C.Ht. =^..^=
>
"CalNeva" <> wrote in message
news:xBHtf.60274$
> 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:
"Don" <> wrote in message
news:GPHtf.27576$
> "CalNeva" <> wrote in message
> news:xBHtf.60274$
>
>> 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
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.
> 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:
>
"Don" <> wrote in message
news:Zy%tf.28159$
> "CalNeva" <> wrote in message
> news:0qXtf.40694$
>
>> They not only screen but they also negotiate loans with clients and do
>> all what a broker can do except they can only work for licensed brokers.
>
> That is interesting. I am having trouble understanding the difference
> between what a "loan officer" working for a licensed broker does and what
> the licensed broker does. When you say the loan officer negotiates loans
The licensed broker owns the business and has supervision responsibilities
and
can either manage a group of loan officers or manage and work as a loan
officer.
Typically, a mortgage broker makes (negotiate) arrangements with lenders
(more than one)
to sell their loan products which means they have access to many lenders
products.
The shopping around comes when a laon application is received. The broker
loads
it into a computer system knowns as a loan origination system and then
he/she uploads
the data to the various lenders where there are suitable products available
etc.
After receiving the loan scenarios (possibilities) from the lenders, they
are presented to the borrower
(negotitaed) and a deal is agreed (a scenario from a certain lender is
selected). The broker contacts
the lender and gets the loan approved by the lender. The loan is funded at
close of escrow by the lending institution.
The broker in this case is not a lender. It is considered a wholesaler. The
broker can become
a lender if they negotiate a correspondent lender agreement with a large
lender or insurance companies etc.
> with clients, do you mean that the brokerage already has available some
> selection of loans to immediately offer the client? I always thought that
> a mortgage broker's job was to "shop around" on behalf of the client to
> find the best loan that meets the client's needs and that the broker
> negotiates with a lending institution, not with the client. Maybe I am
> wrong, but from what you say, I get the impression that the brokerage
> itself is functioning like a lending institution.
>
"CalNeva" <> wrote in message
news:Nt0uf.50685$
> The licensed broker owns the business and has supervision responsibilities
> and
> can either manage a group of loan officers or manage and work as a loan
> officer.
> Typically, a mortgage broker makes (negotiate) arrangements with lenders
Thanks for the explanation.
An individual person who acts as an associate for either a licensed
mortgage broker business or any lender licensed under Chapter 494, F.S. A
licensed mortgage broker is authorized to solicit mortgage loans on behalf
of a borrower, to accept an application, and to negotiate terms and
conditions of a mortgage loan on behalf of a lender.
"Steve Horrillo" <> wrote in message
news:xOGtf.5771$
> Is a Mortgage Broker the same as a Loan Officer? I hear them being used
> synonymously. Is there a difference?
>
> --
> Warmest regards,
>
> Steve Horrillo, Realtor / C.Ht. =^..^=
>
My last message was truncated - here is my full message:
Under the state of FL the following applies:
Mortgage Broker: An individual person who acts as an associate for either a
licensed mortgage broker business or any licensed lender. A licensed
mortgage broker is authorized to solicit mortgage loans on behalf of a
borrower, to accept an application, and to negotiate terms and conditions
of a mortgage loan on behalf of a lender.
The *primary* difference between an *unlicensed* loan officer and a
*licensed* mortgage broker is that a mortgage broker can "negotiate terms
and conditions of a mortgage loan on behalf of a lender" - a loan officer
who is *not* a licensed mortgage broker cannot legally execute the
aforementioned duties.
By definition, a *licensed* mortgage broker *is* a loan officer.
"Grover C. McCoury III" <> wrote in message
news:
> An individual person who acts as an associate for either a licensed
> mortgage broker business or any lender licensed under Chapter 494, F.S. A
> licensed mortgage broker is authorized to solicit mortgage loans on behalf
> of a borrower, to accept an application, and to negotiate terms and
> conditions of a mortgage loan on behalf of a lender.
>
> "Steve Horrillo" <> wrote in message
> news:xOGtf.5771$
>> Is a Mortgage Broker the same as a Loan Officer? I hear them being used
>> synonymously. Is there a difference?
Hello, to get better exposure, i recommed listing this on www.westlist.com -
they just redid the real estate community and its a good time to list free.
Its FREE!!!
"Steve Horrillo" <> wrote in message
news:xOGtf.5771$
> Is a Mortgage Broker the same as a Loan Officer? I hear them being used
> synonymously. Is there a difference?
>
> --
> Warmest regards,
>
> Steve Horrillo, Realtor / C.Ht. =^..^=
>
>
Hello, to get better exposure, i recommed listing this on www.westlist.com -
they just redid the real estate community and its a good time to list free.
Its FREE!!!
"Grover C. McCoury III" <> wrote in message
news:
> An individual person who acts as an associate for either a licensed
> mortgage broker business or any lender licensed under Chapter 494, F.S. A
> licensed mortgage broker is authorized to solicit mortgage loans on behalf
> of a borrower, to accept an application, and to negotiate terms and
> conditions of a mortgage loan on behalf of a lender.
>
> "Steve Horrillo" <> wrote in message
> news:xOGtf.5771$
>> Is a Mortgage Broker the same as a Loan Officer? I hear them being used
>> synonymously. Is there a difference?
>>
>> --
>> Warmest regards,
>>
>> Steve Horrillo, Realtor / C.Ht. =^..^=
>>
>
>
>