Who Is Who In A Mortgage Loan

When you are preparing to purchase a home or refinance an existing mortgage

, having the right team of professionals involved in the process can save you time, money, and stress. Below is a list of service providers and their roles in the transactional process:

Loan Officers - He or she originates the mortgage. This entails working with the borrower from application through closing and quarterbacking the entire financing process. From educating you on your financing options, to locking in your rate, to coordinating your appraisal and closing, your loan professional helps all parties stay abreast on the progress of the loan.

Loan Processor - The loan processor works for the mortgage company and handles the majority of the paperwork associated with the loan. Once he or she receives the loan package they will likely order the appraisal and title work, submit everything to underwriting for approval, and will likely be involved in getting any additional items stipulated by the underwriter. They will work closely with the loan officer and closing agents throughout the process.

Real Estate Professional - With a home purchase, there are often real estate sales people representing both the buyer and the seller. They work to ensure their clients' interest is represented throughout the transaction.

Real Estate Appraiser - An appraiser will be hired by the lender to determine a fair market value for the property in question. Once the appraiser has completed their appraisal, the underwriter will review the findings to make sure that the meet's the lender's acceptable guidelines.

Mortgage Underwriter - He or she is an employee of the lender and will carefully review your application to make sure it meets the parameters of the loan program. He or she may require additional information from the borrower or appraiser during the process of the loan to provide additional supporting documentation.

Attorney/Title Company - A title company will be hired to search the title work for any outstanding liens or other issues. They also provide insurance against any debts against the property not incurred by the borrower.

Closing Professional- The closing is when you sign all the paperwork associated with making the loan official. In some states the closing agent is required to be an attorney, but in others it can be an employee of an escrow company.

When selecting your team of real estate and financing professionals, be sure to keep all lines of communication open and respond quickly to requests for additional information. There are many moving parts when it comes to financing property and time is typically of the essence.

by: Anna Platz

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