Mortgage Banker Vs. Loan Officer: What’s The Difference?

There are a multitude of professionals and entities that can help process loans in the mortgage industry. Many refer to mortgage bankers and loan officers as being one in the same, but are they really the same thing? Read on to find out.

There is no real difference between a mortgage banker and loan officer. Although you could interact with a loan officer or a mortgage banker when you first try to get a loan, not all loan officers are mortgage bankers. This is because loan officers usually work for a single financial institution and can only offer products and rates set by that institution. Mortgage bankers, in contrast, may have a bit more flexibility. Mortgage bankers work for financial institutions like banks or credit unions responsible for lending the money that people need for housing or business. Both mortgage bankers and loan officers must pass national and state exams.

In order to be a mortgage loan officer, one must be goal-oriented, have a passion for helping customers, have a team player attitude and take feedback and implement changes swiftly.  Experience reaching or exceeding sales goals and objectives and proven success in a sales or customer service role can help you stand out when applying, too.

Becoming a loan officer requires passion for helping clients. You should have a strong customer service mindset, meaning that you put your client first every time. This passion for helping clients will help you to build a good relationship with those you’ll be serving and a good rapport at your job.

Loan officers should be motivated by reaching and exceeding sales goals while helping clients through the mortgage process. Actively set goals that can be broken down into attainable, smaller goals. It is important to use time efficiently to maintain productivity, stay focused and hit targets.

As a loan officer, you will be a part of a team. This team will challenge and encourage you to continue to grow in your position. Build positive relationships with team members and maintain them.

Rocket Companies® values personal and professional growth for all team members. The company will work with you in developing your skill set. Be willing to take feedback and constructive criticism; your peers and leaders are your greatest resources for growth.

As mentioned previously, there is no real difference between a mortgage banker and loan officer. However, the roles are not exactly the same. Someone interested in becoming a loan officer should ensure they are goal-oriented, sales-driven, can easily adapt to changes and take feedback and be able work well on a team. To find out more about this job or to apply, click here.