Juan is wrong... a Mortgage Broker is not an independent agent to the Borrower - the Mortgage Broker by definition and State Law is a fiduciary agent of the Borrower. That means that the law of the State of Florida says that we take an oath to work in the best interest of a borrower - not the lender. We are an independent contractor to the lender meaning there is no agency relationship - simply an affiliation so we can collect our commissions and have access to their loan programs.

There is no doubt that a Mortgage Broker has access to more loan programs as we have access to all the programs of all the lenders we represent - we are not restricted by the parameters and niches of a single lender.

As we have all of the financial information and the ability to analyze it, we work to find the best lender and program for the borrower...but we work in their best interest.

Loan Officers Direct Lenders and Bankers are NOT liable for making mistakes nor are they legally bound to work in the best interest of the client. They are employees of the bank and therefore loyal first to their salaries and second to the shareholders of the bank...

Mortgage Brokers are required to be able to calculate all closing costs and prepare a comprehensive Good Faith Estimate and Truth in Lending (TIL) on the spot. We are also required by law to disclose our compensation immediately (within 72 hours).

Banks are NOT required to disclose their fees or commissions until closing!! Good Faiths do not have to disclose simple closing expenses such as transfer taxes, title fees and other line items for the HUD closing statement....

Mortgage Brokers originate 70% of all loans...

Mortgage Bankers and Direct Lenders are responsible for 65% of all foreclosures and short sales currently up for sale right now...

you don't have to believe me...read http://www.blownmortgage.com , http://www.thexbroker.com,

Stephan,
From a little different prospective I work for a direct lender. Yes, we offer specific products and services that are directly related to our firm and not offered through third parties. We also offer products and services as a correspondent with each of those firms (simialr to a brokerage firm). As many of the other professionals in the industry we work hard to provide our clients with the best solution to their specific needs.

In years past, there were "creative" products that one firm offered that another did not. In this day and age the product offerings have been slimmed down and many are now offerings are the same.

I agree with many of the comments below especially about those that indicate you should work with someone you feel comfortable with. This is probably one the most important factors. You will be working on probably your largest priced one time purchases, sharing your personal financial situation as well as your overall goal and you should feel confident whether a broker or lender they have your best interest in mind.

We are all here trying to get your business and in this virtual world you can work with anyone you have the most comfort. It is worth your time to reach out to those that have expressed interest and see if there is a connection that provides you confidence.

Good luck with your search in finding the right person that will help you reach your goals.

Kind regards,
Darin

Hello, Stephan

You have some good answers below although I tell you that FHA Loans are the hottest things on the market right now, because of their flexibility and the fact the offer 97% Loan To Value with highly competitive rates even if you have had some dings on your credit I have also added below a small paragraph that outlines the difference between a Mortgage Broker and a Loan Officer. I hope this answers your question.

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 types of jobs so you know what to expect from them during the mortgage application process.



A mortgage broker is an individual or firm that acts as an independent agent for both the borrower and the lender of a mortgage loan.



Mortgage brokers are the middle man between you and the lending institution, which can be a bank, trust company, credit union, mortgage corporation, finance company or even an individual private investor. A mortgage broker will analyze your financial situation to determine which lender is the best fit for your loan needs. He or she will submit your mortgage application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. He or she receives a commission from the borrower if 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 wide variety of loans types to draw from, but all originate from that 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.

Stephan, Great question! First off I am a licensed Florida Mortgage Broker. Now with that being said you must have a comfort level with the person you are dealing with. Remember once you meet with these people they should always be able to give you 2 items. 1. A Good Faith Estimate (an itemized list of how much your closing cost will be) 1. The Truth in Lending page. (otherwise known as a T-I-L)
I have found a true professional will have know problem handing you this information.
Also please remember any price can be beat if you feel shaky with the person odd's are you are probably right.
I work with today's premiere WHOLESALE lenders along with ones that deal with people who have less then perfect credit. If I can help or if you just want a question please feel free to contact me.

I am.

I am a Mortgage Broker and my job is to work with you and find the program that best fits your unique needs.
I am a full service professional doing real estate and mortgages..but my specialty is getting you in the right program and right payment for you today and for the future

Keyes Mortgage. The Keyes Co. is a full service real estate company. This means we are able to provide real estate, mortgage and title services all in-house. If you're looking for a lender that works with county programs, then I would recommend Q&A Lending Group.

There are many, the best are those recommended by your friends or business associates or lenders you may already deal with. Local banks such as Washington Mutual, and national lenders such as Chase, Wells Fargo, Citibank. Illustrated Properties Mortgage Company has local mortgage brokers and a variety of loan programs.