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This question is about what a loan officer does, what a broker does, and loan officer.
Loan Officer vs. Broker
A loan officer works for a bank, credit union, or financial institution and will offer programs or rates that are available from that institution only, while a broker works on the borrower's behalf to find the best rate and loan options from multiple institutions.
A loan officer works directly for a lender and their job is to explain the options available from that lender. They will help you with the application process and may be able to reduce rates and fees or offer access to more assistance programs. They are paid on commission and are limited to their lender only.
A broker works independently or within a brokerage firm and looks to find the best fit for their borrower from a wide selection of financial institutions. They often have access to better rates and programs based on this business model. A mortgage broker may charge you for the use of their services.
There are many differences between a loan officer and a broker in terms of who they work for and the options they can offer.
Here are the key differences between a loan officer and a broker:
A loan officer works directly for a financial institution
A broker works independently or for a brokerage firm
A loan officer can only offer programs from their institution
A broker can offer rates from a wide selection of institutions
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