When you're looking to get a mortgage loan, you may work with a loan officer or you may choose to work with a mortgage lender/broker. People often confuse the two job types even though both will glean the same results: a new home. However, it is important to understand the difference between the two types of jobs so you know what to expect from them during the mortgage application process.A mortgage lender/broker is an individual or firm that acts as an independent agent for both the borrower and the lender of a mortgage loan. Mortgage lender/brokers are the middle man between you and the lending institution, which can be a bank, trust company, credit union, mortgage corporation, finance company or even an individual private investor. A mortgage lender/broker will analyze your financial situation to determine which lender is the best fit for your loan needs. He or she will submit your mortgage application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. He or she does not receives a commission until the loan closes which usually comes from the ultimate investor or lender. Total out of pocket costs to the borrower are comparable to going to a bank directly. A loan officer of a lending institution, such as a bank, works to originate mortgages and other loans originated by that company. Also known as a loan representative or customer service representative, loan officers represent the borrower to the lending institution and will guide him or her through the processing of the mortgage loan. Unfortunately, they often have less variety of loan programs and types, since they are only drawing from that specific bank. Pros of working with a mortgage broker: - They do the legwork for you, comparing the wholesale rates of a large number of banks and lenders- Wholesale interest rates can be lower than retail (bank) interest rates- Brokers must disclose the yield-spread premium- Can finance tricky deals- Are easier to get in contact with, less bureaucraticCustomer Service and due diligence is key factors to achieve the best loan available as lock periods and time frames are very crucial. Independent service from a loan officer working with a broker in most cases will get the job done and provide more one on one contact to suit your needs.