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Some homebuyers prefer to work directly with a lender. You might want to deal with a local bank or credit union that has a thorough understanding of your area, or you might prefer to use the Internet to research the best rates yourself. If you go directly to a bank or other financial institution, you'll deal with a loan officer. This person works with you just as a mortgage broker does, identifying appropriate loans, analyzing your financial information, and guiding you through the mortgage process from application through closing. Unlike a mortgage broker, who searches different lenders' products to find you the best loans, a loan officer is employed by a particular lender. That means she'll present only mortgages offered by that lender.
If you work directly with a mortgage lender, you probably won't get to choose your loan officer the way you choose a mortgage broker. Because loan officers work for a particular financial institution, you'll most likely get an appointment with whoever is available. Even so, if a friend or family member had a good experience working with a loan officer, see if you can set up an appointment with that person.
What about a loan officer's fiduciary duty? The situation here is more clear-cut than when you work with a mortgage broker. A loan officer is an employee of a bank, credit union, or other financial institution. The lender - not you - pays the loan officer. So never forget that your loan officer, no matter how nice and friendly, is working for the lender.
