What is the difference between a mortgage broker and a loan originator?
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somewhat simular, a loan arranger is the person some folks begin, known as an originator; places you with a mortgage broker that has $ $ $ at his fingertips.
A loan officer is an employee for a mortgage company or lender and is not required to be licensed. A mortgage broker is a licensed professional and works as a contractor (received a1099 not a W-2) for its earnings.
They’re generally the same thing… loan officer, loan originator, mortgage broker, etc. Though, a true broker will own the company and/or be licensed by the state.
Hi there-
Ive been in the mortgage lending business for 6 years and have wondered about this question also. There really isn’t a difference in the two, it depends on the company that the person works for. Brokers work for Brokerage firms and originators work for big lending firms. Good luck!
Denielle
denielle.hass@americanhm.com
They are basically one and the same. Or should I say we are. I am a broker and have also been refered to as a consultant, or originator. They all do the same thing just a title.
A mortgage broker finds you a loan with a mortgage company. The mortgage company is the loan originator.