Partners in Lending - Who’s Who in the Mortgage Application Process

Ashley Harrison
June 2, 2022

When you are purchasing a home for the very first time, a lot can come at you very fast. Between hearing unfamiliar terminology and interacting with scores of specialized professionals, it’s easy to feel overwhelmed.

To help increase your confidence and comfort with the mortgage application process, we’re identifying the various individuals you’ll interact with throughout the process, both directly and indirectly, and highlighting the role they play in moving your application from submission to closing.

 

Mortgage Loan Originator

 

Mortgage Loan OriginatorServing as a liaison between a borrower and a lending institution, a mortgage loan originator is the person you will spend the most time interacting with during the mortgage process. An originator’s role is to help explain the mortgage process from start to finish, and explain what to anticipate during each step. In addition to process guidance, the mortgage loan originator will to help you make sound decisions on the types of loan programs and products that meet your specific scenario - discussing rates, fees, and other options.

Mortgage Loan ProcessorThis very important individual, who you may not speak with regularly during the process, works to make sure all of the parts and pieces of your loan application are in order. They are responsible for reviewing financial documents, requesting items from your credit report, or reaching out on your behalf to your employer or financial institution to verify employment or accounts.

AppraiserDuring the mortgage application process, the lending institution will order an appraisal of the property you are looking to purchase. While you will not meet the appraiser, they play a vital role in confirming if the agreed upon purchase price is fair. An appraiser provides a valuation of the property by looking at the property in terms of size, location, and condition. An appraiser also takes into account similarly situated properties to derive a final figure that the lender uses to underwrite your loan.

Mortgage Loan UnderwriterYour loan underwriter is the person that performs the final evaluation of your loan file. They evaluate the borrower’s financials, verifying the file has the right character (credit history), capacity, capital and collateral to move forward in the process.

Loan CloserAfter the underwriter approves your loan, the loan closer will put the finishing touches on the documentation that will be used during closing. The loan closer will review the paperwork for accuracy as well as prepare the final loan summary, including all costs and applicable closing disclosures, for review by all parties.

Title CompanyThe staff of the title company are the very last people to interact with you during the process. The title company makes sure the transfer of property is complete, verifying the real estate is given to the buyer and the seller has the legal rights to sell to a buyer. A title company may also hold funds in escrow for buyers and sellers prior to closing as well as act as a closing agent to draft final documents and obtain signatures.

With a better understanding of the role each professional plays in the mortgage application process, you can feel more confident in your own journey to homeownership.

Ready to take that first step? Learn more about the ways our team can help make your home dreams a reality.