You’ve done your research and think you’d like to enter the exciting world of mortgages! This is a great idea, as there is always a high demand for loan officers and brokers. You must be wondering about the difference between a loan officer and mortgage broker. Both positions are involved helping people finance homes, but there are some key distinctions between the two. Read on to find out which job is right for you.
A loan officer works for a bank, credit union, or another type of lending institution. They are responsible for evaluating and approving loan applications. This process includes reviewing credit reports, employment history, and other financial information provided by the borrower. A loan officer must have excellent customer service skills as they will answer potential borrowers’ questions about the loan process. To become a loan officer, you must have at least a bachelor’s degree in finance or a related field.
Unlike a loan officer who works directly for a lending institution, mortgage brokers are self-employed. They act as middlemen between borrowers and lenders. Their job is to find the best possible mortgage terms for their clients. To do this, they must be familiar with a wide variety of lenders and their products. Mortgage brokers must also have superb customer service skills and be able to explain complex financial information clearly. There are no formal education requirements to become a mortgage broker, although many hold bachelor’s degrees.
Now that you know the difference between a loan officer and mortgage broker, it’s time to decide which one is right for you! If you want to work directly for a lending institution, becoming a loan officer is the way to go. However, working as a mortgage broker might be the better option if you prefer more flexibility and freedom in your career. If you’re interested in a career in the mortgage industry, consider becoming a loan officer. You’ll be responsible for evaluating and approving loan applications and helping people finance their homes. If you want to join a team of successful loan officers and learn more about growing your business, reach out to the RCG Home Loans today. Our team of experts can help you take your business to the next level. Visit our website or give us a call at 702.850.2000 to learn more.