Definition: The word "mortgage broker" refers to a person or company that helps individuals or businesses buy, sell, or manage mortgages (aka home loans). These brokers typically work with financial institutions such as banks and credit unions, but can also provide advice on other types of loans, such as personal loans or home equity lines of credit. In the context of loan officers, they are responsible for providing guidance to clients about their options for borrowing money. They typically have a master's degree in finance or business administration and work closely with lenders, brokers, and other professionals to help people make informed decisions about how to finance their financial needs. The relationship between mortgage broker and loan officer is often described as "independent" because they operate independently of each other and do not share any professional relationships. However, there can be a hierarchy or chain of command that allows them to work closely together under certain circumstances. In summary, both brokers and loan officers play important roles in the financial system by providing guidance and assistance to borrowers.
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