Who's Involved in the Mortgage Process?

Let’s take a look at who you’ll encounter during the mortgage process.
You’ll come across various mortgage and real estate specialists on your path to becoming a homeowner, and their roles will range from confirming your income history to discussing your financing alternatives to doing an appraisal on your possible dream home.

Mortgage Loan Originator

The first expert you’ll meet is a Mortgage Loan Originator, who can assist you in determining the best options. There are a variety of loan plans available, each with its own range of features and conditions, and you’ll want to consult an expert to see what will work best for your individual home financing needs and budget.

Once you’ve decided on a course of action, you’ll fill out an application, and your Mortgage Loan Originator will collaborate with other members of their team to ensure that your loan closes quickly.

Loan Processor

After you’ve filed your application, the formal review process begins, and your Loan Processor will be your point of contact. This individual will assemble all of your incoming paperwork and contact you if anything you provide is inaccurate or missing.

Underwriter

Once the Loan Processor has received sufficient information, they will send your application file to the Underwriter, who will conduct a formal examination of your file. When the Underwriter and Loan Processor disagree about specific specifics of your information, you may be required to produce additional documentation.

Real Estate Agent

You’ll want to connect with a Real Estate Agent either before, during, or after you’ve submitted your loan application. A Real Estate Agent will listen to the features you’re looking for in a home and help you search within your price range. If complications emerge, this agent can also help with price negotiations, executing the purchase contract, specifying repairs if necessary, arranging access for inspectors, and much more.

Appraiser

You might locate a house you want to bid on while your application is being reviewed. In that situation, you’ll need an Appraiser, a neutral third party who determines the property’s exact value. This includes taking into account any necessary repairs that may reduce the value, any recent modifications that may have increased the value since the last appraisal, and the worth of comparable properties in the neighborhood that have recently sold. This sum will be reflected into your mortgage loan’s final terms.

Title Agent

If the seller accepts your bid and your application is granted, you’ll be on your way to closing on the house. A Title Agent will conduct an investigation before closing to confirm that no one else has a claim to the property. In the event that it is later discovered that the property has another lawful owner, the Title Agent also provides insurance against losses.

Closing Agent

The final portion of your finance, known as the closing, is handled by your Closing Agent. This agent guarantees that all documentation related to your loan and the closing of your home are completed appropriately and that all parties involved are completely aware of the transaction’s facts. The transaction is then recorded in county records, and your Closing Agent is in charge of ensuring that payments are properly channeled.