Best Answer: A mortgage broker is an independent mortgage originator that sells the products of many wholesale lenders, as opposed to a mortgage banker that works directly for the retail lending division of a bank.
Typically an independent mortgage broker will have better interest rates and much better availability to niche mortgage products that are best for your financial situation, especially if you don't fall in the narrow client profile of a large bank.
The mortgage broker actually meets with you to take the loan application. From there he will shop your application around to the various wholesale lenders he works with to get you the best deal possible.
After the loan program is found the broker or loan officer turns the file
over to the mortgage processor who then actually processes the loan with the lender. It is their job to make sure all the "I's" have been dotted and all the "T's" crossed. They will also aquire any additional information from the borrower that the bank may need to underwrite the loan. These are called "conditions" since the bank will loan you money based on meeting certain "conditions". These can be as easy as a verification of employment to more difficult like 12 months of bank statements.
A good processor is worth their weight in gold. And a good broker processor team will be so efficient you're loan will be painless and will go through virtually transparently to you.
Racer X · 9 years ago