915-691-9072 Houston Mortgage, Broker, Loan Officer
Mortgage Broker or Mortgage Banker
When you apply for a mortgage , you may work with a loan officer or you may choose to work with a mortgage broker. Since a new home is the result of the work of both mortgage broker and loan officer, people sometimes confuse the two job types. However, recognizing how they differ will be important to your mortgage loan process.
A mortgage broker is an individual or company that is an independent agent for both the mortgage loan borrower and the lender. Your mortgage broker will stand as facilitator between you and the lending institution; which can be a credit union, bank, trust company, finance company, mortgage corporation or even a private investor. Which lender offers the loan programs that is right for you? A mortgage broker will help you find the right one. You give your loan application to your broker, who offers it to one or more lenders. Your mortgage broker then helps you work with the lender of choice until the loan closes. The broker gets a commission from the borrower at closing.
About Loan Officers
Mortgage Bankers work for a particular lending institution (such as a bank) who market and process mortgages and other loans from their employer alone. They may have the ability to market loans to fit many different situations, but all the loans are programs of the same lender.
A loan officer (also called an "account executive" or "loan representative") represents the borrower to the lender. From finding a loan product to closing, a mortgage banker can walk you through the process. Either a salary or commission is given to loan officers by their employers.
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Figure: 7 TAC 80.200 (b)
"Consumers wishing to file a complaint against a company or a residential mortgage loan originator should complete and send a complaint form to the Texas Department of Savings an Mortgage Lending, 2601 North Lamar, Suite 201, Austin Texas 78705. Complaint forms and instructions may be obtained from the department's website at WWW.SML.TEXAS.GOV
. A Toll-Free consumer hotline is available at 1-877-276-5550.
The Department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the Department's website at WWW.SML.TEXAS.GOV."