Answer to general question

Anonymous said...
Hi Ameen,

What are the differences between mortgage broker, mortgage processor, loan officer, and loan originator?

Hi,

In my book So You Want To Be A Mortgage Broker is use the term Mortgage Broker to also mean loan officer. And most people do the same in the real world. But they are actually different.

A Mortgage Broker is a company or the owner of a mortgage company that brokers loans. They don't lend their own money. A processor is the person whose job it is to take a loan application and do all the paperwork to get the loan to closing. A loan officer is the person who works for the mortgage broker and brings in loans or just takes loan application. A loan originator is the same as a loan officer.

Make sense?