Mortgage Broker vs. Loan Officer

When you're looking to get a mortgage loan, you may work with a loan officer or you may choose to work with a mortgage broker.  People often confuse the two job types even though both will glean the same results: a new home. However, it is important to understand the difference between the two, so you know what to expect during the mortgage application process.

STELLAR and its employees are mortgage brokers-- and we act as an independent agent for both the borrower and the lender of a mortgage loan.

STELLAR will analyze your financial situation to determine which lender is the best fit for your loan needs. We will then submit your mortgage loan application package to one or more lenders in order to sell it, and work with the chosen lender until the loan closes. 

A loan officer is a representative of a lending institution, such as a bank, who works to sell and process mortgages and other loans originated by their employer. They often have a variety of loans types to draw from, but typically all originate from that one specific lender.

Also known as a loan representative or account executive, loan officers represent the borrower to the lending institution and will guide him or her through the selection, processing and closing of mortgage loan. Loan officers can be paid a commission or salary for their services.