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Personal Finances / Buying or Selling a Home
|Subject: Re: The housing market and the candidates||Date: 10/5/2012 1:09 AM|
|Author: Dwdonhoff||Number: 124338 of 128456|
The term 'loan officer' describes a subset of both loan brokers and retail lenders,
I believe you meant to say a superset of ...
No, superset would imply that all loan brokers and retail lenders fall *INSIDE* the set of loan officers (aka 'loan originators.')
I meant subset.
All loan brokers are not necessarily loan officers (though most are.)
All retail lenders are not necessarily loan officers (and many in fact are not.)
All loan officers work for either loan brokers, or retail lenders.
No loan brokers work for retail lenders, nor do retail lenders work for loan brokers.
When a dictionary writes/updates a word's definition it is describing how the word is used - NOT how some people think it should be used.
OK... drop "loan broker" into Google, and the 1st two definition references are;
Both clearly make the distinction, with no ambivalence nor confusion, between an actual, legally determined mortgage/loan broker and a simple loan officer.
It doesn't matter if 99% (as you guess) are indeed ignorant of the definitions or not... the definition remains what it is.
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