Private Hard Money Lender in California, Texas and Arizona: What is the Difference Between an Arizona Mortgage Broker and a Loan Officer?

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Tuesday, April 15, 2014

What is the Difference Between an Arizona Mortgage Broker and a Loan Officer?

If you've started the home buying process, you've heard a lot of terminology floating around and you’re probably wondering what’s what and who’s who. If you need a quick refresher (or maybe a crash course introduction) on the difference between an Arizona Mortgage Broker and a loan officer, you are in the right place!
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Simply put (and seemingly obvious) a loan officer is the person who works for the lender. They deliver the services of a lending institution and works under the license of the institution they work for, rather than having to have a license of their own. While a loan officer works to get you the best deals, at the end of the day, they’re working for the lender…and it’s all about money. They will give you great rates, sure, but their number one priority is representing the lending institution in the best light.
An Arizona Mortgage Broker on the other hand, works as a middle man between the buyer and the lender. They are  the go-between in the whole lending/home buying process. Mortgage brokers have to have specialized licenses and they work hard to do right by the buyer. Mortgage brokers are generally registered through the state they work in and also through a nationwide program.
As for profitability, it’s a toss-up. For each loan processed, an Arizona Mortgage Broker might make more. However, loan officers have the potential to process a higher number of loans. Generally, the two are fairly similar in their duties, though they do have significant differences.

Are you looking for an Arizona Mortgage Broker?

If you’re looking for an Arizona Mortgage Brokermake sure to find someone you can trust. Find one who knows the ins and outs of the industry and will work hard to bring you the best rates possible and work with your current financial situation. Don’t settle for someone who wants to rush through the process and close on a home as soon as possible. Be patient, you will find the right one for your needs.

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Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC
Tel:  (623) 582-4444 | Fax: (888) 279-6917
www.Level4Funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027