Mortgage Broker and Loan Officer

When it's time to locate a mortgage loan, you need to know the difference between a mortgage broker and a mortgage banker. It is helpful to recognize the ways they differ so you know what to expect from them during the mortgage application process.

What is a Mortgage Broker?

A mortgage broker is an individual or firm who is an independent agent for both mortgage loan applicant and lender. Colorado Mortgage Company falls in this category. We stand as a facilitator between you and the lending institution; which may be a bank, trust company, credit union, mortgage corporation, finance company or even an individual, private investor. We work with you to analyze your financial situation and guide you to the lender who has the best loan program for you. After you submit your application to us, and we then submit it to the lender of choice who best fits your loan needs. We continue to guide you through the loan process until the closing of the loan. Upon closing, the broker's commission comes from the lender - we (CMC) NEVER charge our borrowers origination fees.

Loan Officers/Bankers

Lending Institutions (banks, finance companies, and others) employ loan officers to promote, and process mortgage loans on behalf of that specific institution alone. There can be a wide range of loans types to draw from, but all are products of that particular lender.

A loan officer will represent you to the bank or other lending institution. The loan officer can help you through the selection, processing and closing of the loan. Loan officers are given a commission or salary for their work by their employers. Beware though, as they will also many times charge origination fees and other "junk" fees.