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Every loan officer works as one of the following: mortgage loan officer, mortgage broker, or correspondent lender.
Brokers and correspondent lenders are not affiliated with any one financial institution and act as intermediaries between you and a variety of potential lenders (credit unions, banks, trust companies, etc.). A Mortgage Loan Officer offers you mortgages available through the particular lender where they work.

Whereas brokers and correspondent lenders have access to many lenders and tend to be more agile throughout the process, they won’t have access to lending programs specific to banks or credit unions that could result in a considerably reduced rate.

Mortgage Loan Officers, however, provide a more consistent service, as they are larger, more stable institutions and are already familiar with your financial situation. In fact, according to The Consumer Finance Protection Bureau, nearly half (47 percent) of all mortgages are issued through Mortgage Loan Officers.