Mortgage Banker
Definition
- An employee of a large bank who finds financing for the general public. A mortgage banker is typically limited by their financial institution's product list and guidelines.
Synonyms
bank employee, finance manager, loan company, loan officer, mortgage lender, bank teller, lending manager, lending officer
Related Terms and Acronyms
- Bank — Definition,
- An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
- Lender — Definition,
- The bank or mortgage company offering the loan.
- Loan Application — Definition,
- A document in which a prospective borrower details his or her financial situation to qualify for a loan.
- Loan Processing — Definition,
- The steps taken by a lender to convert a loan application into an approved loan for the potential borrower. These steps include processing the application, conducting a credit investigation, evaluating the loan, etc.
- Mortgage Broker (MB) — Acronym, Important,
- One who finds clients perspective lenders at generally no cost. Mortgage Brokers have a special relationship with lenders and can offer their clients the best rates and service. CanEquity goes through great lengths to ensure you are serviced by the best Mortgage Brokers in Canada.
- Mortgage Brokerage — Definition, Very Important,
- An individual or group who brokers deals between their clients and lenders.
➥ CanEquity is a mortgage brokerage. - Mortgage Lender (ML) — Acronym, Very Important,
- A lender that offers mortgages, often through a mortgage broker.
➥ Used internally by mortgage brokers and mortgage lenders. - Mortgagee — Definition, Important,
- The lender in a mortgage transaction.
