""If you don't run your own life, somebody else will."....John Atkinson

Mortgage Broker vs. Bank Loan Officer

When you're looking for a mortgage loan, you may work with a loan officer who generally works for a bank, or you may choose to work with a mortgage banker or mortgage broker. People often confuse these three loan providers even though they will get you the same results: a new home loan.

It is important to understand the difference between these three types of jobs so you know what to expect from them during the mortgage application process. Not all Bankers can act as Brokers and not all Brokers can act as Bankers.

As an employee of a bank, a loan officer is a representative of that lending institution and works to sell mortgages and other bank products for their employer. They may have a wide variety of loans types to draw from, but all products originate from that one specific lender.

When you deal with a bank, you are STUCK with ONLY their products even if there is something better for you out there. Historically, a broker could choose between several competing banks. They still can, but due to recent disclosure requirement changes, each time a broker changes the investor for you, the application disclosure process must start over adding days to closing times.

A Mortgage Banker is required to take at least 20 hours of classroom training and pass not one, but two comprehensive tests (for the Todd Croy 3-tests including South Carolina and Deanna is also licensed in VA = 4-tests) to ensure that they know and understand the mortgage loan products, programs, State and Federal Disclosure laws and most importantly how to ethically counsel Mortgage Borrowers. These tests must be completed and a background check completed BEFORE they are issued a license allowing them to work with you. In addition 8-hours of Continuing Education is required each year for each state.

Did you know that a bank loan officer is only required to be "Registered" with the State? It's true...No training, No testing, No licensing requirements, No Continuing Education, just registered. Many who cannot past the testing requirements to be a mortgage banker are moving to national banks for this very reason.

When you deal with The Valeo-Croy team of Cunningham and Company you get the best of both worlds. We work behind the scenes to get multiple investors to compete for your loan. This, coupled with State of the Art Technology allows us to deliver favorable results with great rates with an on-time closing.

All our best for the upcoming week.

@ The Valeo-Croy Team, we are here for you.

The Valeo-Croy Team - (704) 366-7711

Todd Croy - NMLO license #91428
Deanna Valeo - NMLO license #91421

Accessible | Program Expertise | On-Time Closings

The Valeo-Croy Team and Cunningham and Company Mortgage Bankers are Equal Housing Lenders.
This information is for illustration only. It does not constitute an application for a loan or an offer or commitment for Cunningham and Company to make a loan on these terms. Interest rates are subject to change until an application is completed and you lock in your interest rate. The figures noted are estimates and may vary depending on discount points, taxes and insurance. Programs, terms and conditions are subject to change without notice. Mortgage loans are subject to credit qualifications. Normal credit standards apply. Date: 8/2/2010