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Bert Carpenter

Mortgage Professional vs. Bank Loan Officer

Thursday, January 26, 2012 - Article by: Bert Carpenter - NEXA Mortgage, LLC - Message

When you're looking to get 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 Originator that works for a mortgage banker or mortgage broker. People often confuse these three job types 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 Banks 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 loans by and for their employer. They may have a wide variety of loan 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 and disclosure process must start over.

A Mortgage Banker is required to take at least 20 hours of classroom training and pass not one, but two comprehensive 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 BEFORE they are issued a license allowing them to work with you. Did you know that a bank loan officer is only required to be "Registered". Not Licensed, just registered! Sad, but true... No training, No testing, No licensing requirements, just registered. Think about that before you decide who is looking out for your best interest in what is probably the largest financial decision of your life.

A Certified Residential Mortgage Specialist is a different kind of Mortgage Loan Originator. In order to obtain this special certification, a Mortgage Banker is also required to take additional training, at least 30 additional hours of classroom training and pass two additional proficiency tests, for a total of four tests. A Certified Mortgage Banker is different, a step above, if you will. When you deal with The LoansA2z team of NOVA Home Loans you get the best of both worlds. As Certified Residential Mortgage Specialists, 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 and low costs. There's a reason our motto is "Yes!". A Certified Residential Mortgage Specialist will analyze your financial situation to determine which loan product is the best fit for your home loan needs. When you deal with The LoansA2z team of NOVA Home Loans, that's what we do. We analyze your situation and help you identify the best product for your situation. Your application may be submitted to one or more of our investors in order to obtain the best deal for you. We then work closely with them until your loan closes escrow.

The LoansA2z team and NOVA Home Loans...

...Where "Yes!" Gives You The Best Of Both Worlds.

Visit us at

Bert Carpenter ~ NMLS 40586 ~ AZLO # 0911876

Nova Home Loans ~ NMLS 3087 ~ BK # 0902429

An Equal Housing Lender

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