What is the difference between a mortgage banker and a mortgage broker?

A mortgage banker is a direct lender and funds and closes the loan in their own name. A  mortgage broker works with numerous investors and submits the origination package to the investor who will actually fund the loan in the investors name. The biggest advantage to being a mortgage banker versus a mortgage broker is that the banker has more control of the loan process including the ordering of the appraisal. Mortgage brokers have no control over who will actually appraise the property. This can lead to multiple problems with appraiser who are not familiar with the marketing area of the home. Mortgage bankers also have complete control over the drawing of the loan documents and the funding of the loan. Mortgage bankers on average are able to complete the loan process quicker than a mortgage broker.