After your application is submitted, your loan is carefully reviewed by key players in the mortgage process. Borrowers don’t always talk to everyone involved, so here’s a look at what happens behind the scenes and who plays a role in your home financing journey!
Mortgage Roles and Responsibilities
If you’re a first-time homebuyer, you may not know who’s who in the mortgage process. The list below will help you identify the parties involved and understand their roles and responsibilities.
Loan Officer/Mortgage Loan Originator
When you start the mortgage process, the first person you’ll encounter is a loan officer. Loan officers are mortgage specialists who can help you explore your options and choose the right loan for you based on your finances and credit score. Your loan officer will be the main point of contact for you and your team of advisors (i.e. real estate agent or appraiser). They will keep you informed as your loan moves through each stage of the mortgage process. After your loan has closed, they can help you explore refinance options or purchase a new/second home.
Loan Officer Assistant
The Loan Officer Assistant (LOA) is your loan officer’s right-hand man/woman. Think of the loan officer as the doctor and the LOA as the nurse. The loan officer assistant helps manage various tasks that keep the loan moving through the mortgage process. They will most likely communicate with you via email to let you know if additional documentation is needed. Your loan officer will still be your go-to point of contact for questions, clarification, and next steps.
After you sign the loan disclosures, the loan processor will take over. They’re one of the key players in the mortgage process and wear many different hats. One of their jobs is to review your application before it goes to the underwriter to make sure everything is accurate and complete.
Loan processors may also arrange the appraisal, verify your income, request title information for your property, open escrow, and more.
Your loan processor typically works behind the scenes, and it is unlikely that you will have any direct contact with them. If there are any questions or concerns regarding your loan application, they will report back to your loan officer.
After the loan processor has verified that your application is complete, it will be sent to the underwriter.
Underwriters are financial experts that look at your credit, income, assets, and debt to determine if you can afford a mortgage. They’re responsible for finalizing your mortgage application and deciding whether or not you should be given a loan.
You probably won’t have contact with the underwriter — you’ll talk to your loan officer instead. They’ll let you know if the underwriter needs more information or financial documentation from you. They’ll also tell you the good news if you’ve been approved for a loan, or help you figure out your next steps if your application has been denied.
Now you’re in the final stretch! The closer will prepare and send your closing documents. Your closing documents will outline the final details of your loan, including the amount, interest rate, term, and closing costs. You’ll get it at least three days before your closing date so you have time to review it.
The closer will also work with your title company or attorney to fund the loan. They will wire your loan funds to escrow and follow-up to make sure everyone receives the correct amount of money. When this task is complete, you can move into your brand new home!
The post-closer works to prepare your loan for delivery to our investors. Once your loan has closed, we sell the loan to your mortgage service provider. The post-closer is the last person to interact with your loan and is another key team player who operates behind the scenes.
As our client, you can rest assured that the entire OVM Financial team is working diligently to ensure that your loan process is smooth and streamlined.
As always, we’re here to answer any questions you have and help guide you through the process. Give us a call or start your online application today!