Who’s Who At Your Mortgage Company
When you first begin speaking with a mortgage company, you might get the impression that your loan officer is just one of a few people within the organization. After all, that person is the one you communicate with as you begin your home buying journey. Your loan officer will help guide you through the mortgage qualification process and help select the right loan program for your situation. But there are others that work behind the scene.
The person you’ll probably speak to the most after you’ve submitted your loan application is the loan processor. The loan processor takes the submitted loan application and prepares the loan package for an approval. The loan processor will document the file with information needed to receive a final approval. For example, you’ll need to provide pay check stubs and W2 forms or income tax returns. The loan processor will also order services from third parties such as opening up escrow, ordering title insurance and other needed information.
Once the file has been fully documented, your loan file then moves over to the underwriter. The underwriter’s job is to make sure the loan file meets the guidelines issued for the loan program you’re applying for. Whatever is listed as a needed item in order to receive a final approval, the underwriter makes sure it’s included in the file and meets the approval guidelines. Once this determination has been made, the loan moves to the closing department.
The closer will prepare your file to be digitally transmitted to the settlement agent. Your loan papers will arrive and the settlement agent prepares your final settlement statement which will tell you exactly how much you’ll need at the closing table. At your closing, you will sign your loan papers and provide the necessary funds. Once all parties have signed their documents, the paperwork is then returned to the lender for a final review. Once the lender has made sure the papers have been signed and initialed where needed, the lender then approves the funds to be released for the mortgage.