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Mortgage bankers are often confused with mortgage brokers, but they’re very different. A mortgage banker is tied to one financial institution, while a mortgage broker works independently of lenders.
Mortgage loan originators must be licensed by a state or federal authority, and are mandated to act in the consumer's best interests. ... Mortgage broker: A mortgage broker is not employed by the ...
A mortgage broker works as a conduit between the buyer (borrower) and the lender (banks and non-bank lenders), whereas a loan officer typically works directly for the lender. Many states require the mortgage broker to be licensed. States regulate lending practice and licensing, and the rules vary from state to state.
While a broker may work independently, an agent usually works under a licensed broker to represent clients. [1] Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions.
In the U.S., the process by which a mortgage is secured by a borrower is called origination. This involves the borrower submitting a loan application and documentation related to his/her financial history and/or credit history to the underwriter, which is typically a bank. Sometimes, a third party is involved, such as a mortgage broker.
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related to: licensed mortgage brokers in virginia beach craigslist pets