Mortgage Consultant 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 Consultant. 

People often confuse the two job types even though both will create the same results: a new home or by refinancing to better terms. 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 Consultant is an individual or firm that acts as an independent agent for both the borrower and the lender of a mortgage company.

Mortgage Consultants are the middle man between you and many lending institutions, which can be a bank, trust company, credit union, mortgage corporation, finance company or even an individual private investor. A Mortgage Consultant will analyze your financial situation to determine which lender is the best fit for your loan needs and has a wide variety of loan types to draw from. He or she will submit your mortgage application to there own underwriter, then chooses one or more lenders in order to service your loan, and works with the chosen lender until the loan closes at the lowest rate. He or she receives a finders fee from the lender when the loan closes.  Often times, a Mortgage Consultant may also have more tools available to help people optimize their credit as well as mixed-use & commercial financing.

A loan officer that is a representative of only one lending institution, such as a bank, works to sell and process mortgages originated by that one employer. They often can be limited to the types of loans that there specific lender has.

Also known as loan officers, mortgage specialist, loan representative or account executive, represent the lender and their limited programs.  Then guide the buyer/borrower through the selection, processing and closing of mortgage loans they have available. They all will be paid a commission or salary for their services.