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Home > Archive > Mortgage Discussion > January 2006 > Is a Mortgage Broker the same as a Loan Officer?
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Is a Mortgage Broker the same as a Loan Officer?
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| Grover C. McCoury III 2006-01-02, 3:21 pm |
| Under the state of FL the following applies:
Mortgage Broker: An individual person who acts as an associate for either a
licensed mortgage broker business or any licensed lender. A licensed
mortgage broker is authorized to solicit mortgage loans on behalf of a
borrower, to accept an application, and to negotiate terms and conditions
of a mortgage loan on behalf of a lender.
The *primary* difference between an *unlicensed* loan officer and a
*licensed* mortgage broker is that a mortgage broker can "negotiate terms
and conditions of a mortgage loan on behalf of a lender" - a loan officer
who is *not* a licensed mortgage broker cannot legally execute the
aforementioned duties.
By definition, a *licensed* mortgage broker *is* a loan officer.
"Steve Horrillo" <usenet@stephenhorrillo.com> wrote in message
news:yOGtf.5773$3I3.554@bignews5.bellsouth.net...
> Is a Mortgage Broker the same as a Loan Officer? I hear them being used
> synonymously. Is there a difference?
>
> --
> Warmest regards,
>
> Steve Horrillo, Realtor / C.Ht. =^..^=
> http://BrokerAgentTraining.com http://over100percent.com
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| chznarles@gmail.com 2006-01-10, 3:21 pm |
| It is also worth noting that some Loan Agents (to use an ambiguous
term) do not work for a Brokerage, or for a Broker, but instead work
for a Direct Lender. In this case it would be a misnomer to call the
Agent a Mortgage Broker because the do not *broker* loans. In this case
you may certainly come across an individual who considers themselves a
Loan Officer, Mortgage Consultant or any number of other creative
titles. In most cases these Agents are indeed licensed (although not
always).
This is regarding California. I do not know if it applies elsewhere.
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| Jeff Strickland 2006-01-10, 4:21 pm |
| Technically, no. The broker is the employer of the loan officer.
Having said that, the loan officer physically brokers out his loan packages
to attain the best program for his clients.
"Steve Horrillo" <usenet@stephenhorrillo.com> wrote in message
news:yOGtf.5773$3I3.554@bignews5.bellsouth.net...
> Is a Mortgage Broker the same as a Loan Officer? I hear them being used
> synonymously. Is there a difference?
>
> --
> Warmest regards,
>
> Steve Horrillo, Realtor / C.Ht. =^..^=
> http://BrokerAgentTraining.com http://over100percent.com
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