Discussion:
Is a Mortgage Broker the same as a Loan Officer?
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Steve Horrillo
2006-01-01 02:08:59 UTC
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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
Grover C. McCoury III
2006-01-02 18:24:14 UTC
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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.
Post by Steve Horrillo
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
Jeff Strickland
2006-01-10 19:53:07 UTC
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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.
Post by Steve Horrillo
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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