MORTGAGE WHO’S WHO

Wondering Who’s Who in the Home Buying Process . . . Let Me Introduce You !

The Home Buying process is exciting.  But it can also be intimidating.  From the day you start looking at homes until the day you close on the home of your dreams you’ll come into contact with many of the following real estate professionals.  The  Good News?  All these people on this Mortgage Who’s Who list will play an important role in your transaction.  They will all work hard to make your home buying experience as smooth as possible. 

 

Loan Officers (also referred to as Mortgage Broker, Lender) collect, review and evaluate your credit, financial and employment information to determine if you qualify for a mortgage, and provide various financing options available. The loan officers will answer any questions you have when filling out your mortgage application and they will keep track of the status during the loan approval process.

Real Estate Agents (Realtors® are real estate professionals who are members of the National Association of Realtors) assist you in the process of finding a home that meets your specific needs including the neighborhood, design, features, school district and and price. Buyer’s agents represent you, the homebuyer (vs a listing agent, who represents the seller and the seller’s interests) will advise the homebuyer throughout the home buying experience and will handle negotiations with the seller.

Loan Processors prepare your mortgage loan information and application for mortgage underwriting. They ensure all proper documentation required for the specific loan program being applied for are included.  Additionally the loan processor checks that all numbers are calculated correctly and that everything is in order to ensure a timely underwriting approval and closing.

Mortgage Underwriters assess whether you and the selected property are eligible for the applied loan program.  Their decision is based on your credit history, employment history, assets, debts and other factors in addition to the property’s value and other factors.

Real Estate Appraisers evaluate the property you are purchasing to determine how much it is worth.

Home Inspectors examine the condition of the home you are purchasing.  They produce a report for for your review to ensure you are aware of concerning safety issues as well as items requiring extensive repairs or maintenance.

Escrow Officers oversee and coordinate the settlement, closing or close of escrow of your purchase.  They handle recording the signed legal documents involved in the closing and document and disburse the money between the various parties involved in the transaction.

Homeowners Insurance Representatives will provide you with an insurance policy that lists you as the insured. Your lender can help you find a homeowner’s insurance policy that meets their specific requirements. You will need a proof of insurance document for closing.

Mortgage Lenders are the financial institutions that originate, process, underwrite and fund mortgage loans.

Mortgage Servicers are the financial institutions or entities that are responsible for communicating with you, the borrower after a mortgage loan closes regarding mortgage accounts.  The servicer of a mortgage may or may not be the institution that originated and initially closed the mortgage loan.  They handle all aspects of the loan after it is closed,  including the collection of monthly mortgage payments, maintaining escrow account (if applicable), etc. You will be notified if your mortgage servicer ever changes.

Mortgage Investors purchase home loans that mortgage lenders originate.  These investors often package a lot of  loans into mortgage securities that are sold in global capital markets, which allows mortgage lenders to make more mortgages and keep the cycle going. This creates liquidity needed to always lend to new homebuyers. Examples of Mortgage Investors include Fannie Mac and Freddie Mac, among others.

Hopefully this simple list of Mortgage Who’s Who will help you learn more about the professionals involved in your home buying experience.  Buying a home can be an intimidating process, especially your first time. However, when you assemble an all-star team, the process is much smoother, easier and stress free.  We are all here for YOU.  Don’t be afraid to reach out and ask questions.

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