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 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 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 by and for their employer. They may have a 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 disclosure process starts over. A Mortgage Banker is better because like a broker, we can shop multiple lenders and programs, behind the scene and provide you with the best loan options available.

A Loan Originator for a Mortgage Banker or Broker 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 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 hours of classroom training and pass two additional proficiency tests, for a total of four tests, including how to ethically counsel Mortgage Borrowers. 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, we will 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 diligently to make sure your loan closes escrow.

The LoansA2z team of NOVA Home Loans...

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

Bert Carpenter, CRMS
NOVA Home Loans
NMLS 40586
888-889-9950