Who is Who in a Mortgage Loan

There are many individuals involved in a mortgage transaction and each plays an important role. When they are each professionals who do their jobs well and are considerate of each other they can work together like a well oiled machine.

Some of the professionals involved with a mortgage include:

• Loan Consultant - He or she originates the loan, meaning works with the borrower from application through closing and essentially coordinates the entire mortgage process. Starting with counseling you on which program is right for you, your AFR loan consultant will help you determine when to lock in an interest rate, answer any questions you have about completing the application, and work with all the other parties contributing to your loan to make sure things run smoothly.
• Real Estate Agent - In a purchase transaction there are generally real estate agents representing both the buyer and the seller of the property. They ensure their clients' interest is represented throughout the process.
• Processor - Working for the lender the processor handles the bulk of the paperwork associated with the mortgage loan. He or she will receive the application, order the appraisal and title work, and submit everything to underwriting for approval. Your processor will also be involved in getting any additional requested information to the underwriter, scheduling closing, and working with the closing agent to make sure everything goes as it should during closing.
• Appraiser - An appraiser will inspect your property and, by comparing it to other homes in the area that have recently sold, determine their opinion of its present market value. He or she will prepare an appraisal, or report of this information, to be used as part of your mortgage application. The appraiser is not an employee of the lender as they must be able to provide an independent opinion about the value of the home.
• Title Company - A title company will be hired to perform a search on the property for any unpaid liens. They also provide insurance against any debts against the property not incurred by the borrower.
• Underwriter - He or she is an employee of the lender and will carefully review your application to make sure it meets the guidelines of the loan program. Additional information might be requested to answer any questions that come up during underwriting.
• Closing Agent - The closing agent handles the closing which is when you sign all the paperwork associated with making the loan (and real estate purchase if applicable) 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. In either case a notary must be involved in the closing as many of the documents must be notarized. After the closing the escrow company or attorney's office will also handle recording the new mortgage in the county records, and transferring funds as appropriate.

Work with a mortgage professional at American Financial Resources

Though there are many people working behind the scenes on your home financing you can rest assured that you will have one point of contact throughout the process - your AFR loan consultant. You can trust that your home loan is in excellent hands. To learn more call 800-316-9508, request a quote, or get started online today.