Meet the People Involved in The Mortgage Process

The Loan Officer (The Point Person)

The Loan Officer is involved with everything from start to finish.  The loan officer acts as the liaison between your real estate agent, title company/attorney, appraiser, credit bureaus, insurance agent, the seller’s real estate agent, and the internal staff. They supervise the loan process from beginning to end.  A good loan officer is an education resource.  Your loan officer consults with you to find the best loan programs to fit your needs.   They quote interest rates, provide written closing cost estimates (Good Faith Estimates), and discuss your qualifications for the loan programs you choose.  Our Loan officers work to provide custom lending solutions designed to meet your requirements.  The loan officer takes the loan application (Apply Now) and assists in collecting important documentation. They also make sure all the numbers and figures will work in accordance to the loan program chosen. All questions regarding the loan product you’ve selected, rates, status, or other issues should be directed to your loan officer first.

The Loan Processor  (The Validator)

After an application is made the Loan Officer hands to file over to your loan processor. The loan processor orders the appraisal and any verifications needed in accordance with loan program requirements. The processor will contact the borrowers for additional information or documentation needed throughout the loan process. The processor ensures that all information verified and received is the same as the information given on the loan application. Once all the information has been received, including the appraisal, the processor will submit the completed file to the underwriting department.  It is important to repsond to all requests made by the loan processor in a timely manner.  They can’t progress your loan towards final approval with the Underwriter until they have a complete and accurate application.

The Loan Underwriter  (The Final Say)

The loan underwriter’s job is to approve the investment quality loans for investors of the secondary market. They compare all information from the borrower to the specific guidelines for the loan program chosen. This job is an art, not a science. It is weighing the risk of the borrower based on five major aspects: income, liabilities and debts, assets, credit history, and job stability. When all conditions are met the underwriter will give the approval for the loan to close.

The Loan Closer  (The Finisher)

The closer prepares the borrower’s loan documents and sends them to the closing attorney or agent. The closer reviews the HUD settlement statement and ensures that the loan closes in accordance to program guidelines. The closer will verify that all funds have been disbursed correctly and the title transferred from the seller’s name to the borrowers.

Next Step: Education and Learning