Meet the Mortgage Team: For better peace of
mind, get to know each professional involved
in your mortgage loan
May 30, 2015 8:02 am • Erik J. Martin CTW Features
Do you know your mortgage
team’s starting lineup?
Sure, there’s no spotlight-shining
introduction to the players
involved in your mortgage, like
there is at a ball game, but considering how crucial each role is
in ensuring that borrowers
secure the lending they need to
realize their homeownership
dreams, perhaps a fanfare-laden
introduction is long overdue.
“The mortgage lending world
has changed considerably over
the last several years. Today, it
takes a team of lending professionals to get your loan
approved and to closing,” says
Brook Benton, a mortgage
banker with PrivatePlus Mortgage in Atlanta.
As a borrower, it’s helpful to
understand how each person
contributes to the process, says
Putting together the financial side of a home-buying transaction
should involve a professional team well-known to the buyer.
Casey Fleming, a mortgage
adviser with C2 Financial Corp.
in San Diego. “The borrower will
have contact with many of them,
and it could be useful in their
communication with the team
member to know exactly what
they are looking for,” Fleming
says.
While many professionals can be
a part of the loan process, here
are some of the prime players:
The Loan Officer
The loan officer advises the
client in a professional manner,
evaluates potential lenders
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Meet the Mortgage Team: For better peace of mind, get to
know each professional involved in your mortgage loan
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and/or loan programs, helps the
client choose the best loan for
their needs, assembles the file
and gives it to the processor.
The officer serves as the intermediary between the borrower
and the lender and is tasked
with arranging for a loan that
works in the best interest of both
the lender and the borrower.
Because you’ll likely work closest with the loan officer, it’s
especially important for this professional “to set good
expectations about the process,
time it takes, and provide an
understanding of who they rely
on to get your loan to closing,”
Benton says. “In knowing the
process, it will help you appreciate the multiple layers involved
and the effort that takes to make
a loan from start to finish.”
The Loan Coordinator
The loan coordinator works
closely with the loan officer and
loan origination sources to collect and prepare all
documentation necessary to fulfill underwriting requirements.
The borrower may hear from the
loan coordinator if this person
requests any additional information needed by the lender and
other parties involved in the
transaction, and when it’s time
to update the borrower as to the
loan application status. Additionally, this professional distributes
verification requests and coordinates the closing schedule.
The Loan Processor
The loan processor gathers documentation and assembles a file
that must comply with a lender’s
specific underwriting guidelines.
This expert needs to “pre-underwrite” the file, anticipate what
the underwriter will need, and
send out all necessary disclosures to comply with applicable
laws. He or she needs to input
important loan data into the system for processing, make sure
all loan documentation is accurate, complete and verified.
While the borrower generally will
work with the loan officer or loan
coordinator, they also may interact with the processor says Amy
Tierce, regional vice president of
Wintrust Mortgage in Needham,
Massachusetts. “[The processor]
acts as the go-between for all
the data and the underwriter – a
person who usually does not
have any contact with the consumer,” she says.
The Closing Coordinator
The closing coordinator checks
that all the paperwork is in place
and that local, state and federal
requirements are satisfied so
that the loan transaction can
close. This person gathers,
manages and files the important
legal documents involving the
loan, escrow and title, ensures
that the title search was properly
completed, and confirms that all
necessary insurance coverage is
in effect. The borrower will communicate with the closing
coordinator prior to and during
closing, particularly to confirm
closing dates and details and if
either party have questions
about the closing.
As important as these pros are
to the loan process, Tierce says
it’s important to realize that the
players and their roles may vary
from lender to lender.
“I recommend asking your loan
officer, ‘Who is on my team, who
will I be hearing from, why and
when?’” she suggests.
© CTW Features