Mortgage Lending Roles
Mortgage lending has its own vocabulary that can be confusing for buyers, especially first time home buyers researching how to get a good mortgage loan. People often ask how to compare mortgage brokers vs. mortgage consultants — what’s the difference? And how should I start my loan search?
Choosing the right person with the right role to guide you through the loan process gets you on the right path for the result you want.
A mortgage broker is a loan officer whose job is to guide you to a specific, loan product offered by the bank or financial institution with which they are associated. They are an employee of the bank or are contracted with a specific, limited suite of lenders.
Independent Mortgage Consultant
By contrast, an independent mortgage consultant is not beholden to any lending institution. There are a number of benefits in working with an independent mortgage specialist like myself.
- I have access to 100s of loan products from scores of lending institutions.
- I can help you find the most financially advantageous financing instrument that meets your needs.
- I am invested in helping you create the most appealing financial picture in order for you to qualify to for the loan amount you wish to obtain.
- I can work with you on improving your credit, or otherwise shifting loan products and/or capitalizing on current assets, in order to meet your goals.
Independent does not mean unregulated.
I am a licensed real estate professional and am governed by the California Department of Real Estate (DRE) as well as the Consumer Finance Protection Bureau via my National Mortgage License.
As a licensed mortgage specialist in California, I have a fiduciary obligation to help you to the best of my abilities to get a great rate.
A bank does not have this responsibility and can choose to lend or no