A mortgage broker acts as an agent for both the borrower and may choose the lending institution most appropriate for the borrower’s needs.
A loan officer represents a single lending institution. The loan officer generally does help the borrower choose the most appropriate loan for the borrower’s needs, but can only offer the best loan available at that particular lending entity.
The loan officer and mortgage broker can help the borrower throughout the entire loan process. Often a mortgage broker will interface with a loan underwriter once the appropriate lender is determined.
The mortgage broker can shop rates and closing costs with a variety of lenders. In addition, he/she usually continues to work with the borrower and the lender until your loan closes.
