No. of Recommendations: 0
If the majority of the public believes that there is no distinction, then at least one definition IS that there isn't a distinction. Dictionaries and definitions are based on how terms are used, so if many people say they're the same thing, they are the same thing
*ONLY* to the ignorant, which we are theoretically supposed to trust the POTUS is not.

The term 'loan officer' describes a subset of both loan brokers and retail lenders, the latter 2 being distinct from each other in a financially and legally important way.

Using the term 'loan broker' as synonymous with 'retail lender' or 'loan officer' may be a common colloquialism, but its a very significant distinction legally and financially... and anyone in the related legal or financial industries would expect anyone seeking an office regulating that industry to display their understanding (or at least avoid displaying obvious ignorance.)

Obama pulled that off, this time... so the hope is he's been schooled in the legal and financial distinctions so he doesn't appear as ignorant.
Print the post  


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.