What are the Important Roles in the Mortgage Process?

Estimated reading time: 2 minutes

While many borrowers only see a small aspect of the mortgage process, there is a full team working hard in the background. Let’s look at four major departments that all have impactful responsibilities during your mortgage process.

Loan Originator

Loan Originators are licensed professionals who help prospective borrowers find the mortgage solution that works best for their specific situation. They work with the borrower from application and approval through the closing process. Although their primary function is to assist the borrower, they also cultivate relationships with Real Estate Agents and other housing professionals. Loan Originators are responsible for understanding a great number of mortgage programs and guidelines in order to be able to find the perfect fit for each borrower.

Opening

The professionals in the Opening department will take the full package of information from Loan Originators and structure the file in preparation for the Processing and Underwriting departments. In addition, Opening sends packages to attorneys, file for title requests, and even order appraisals for certain loan programs.

Processor

The Processing department reviews loans for completion and accuracy before they can move to Underwriting. A Processor verifies all information gathered by the Loan Originator. This includes a borrower’s pay, asset documentation, bank statements, tax returns, and more. They organize your loan and present your information in a manner that an underwriter will be able to understand.

Underwriter

Underwriters can be described as mortgage detectives. Their main responsibility is to determine whether a borrower is approved for a mortgage by analyzing the borrower’s information against program and secondary marketing guidelines.

Closer

The professionals in the Closing department will review all the submitted data and paperwork again to prepare closing documents, such as disclosures and settlements. Your loan Closer ensures all documentation is accurate and compliant. They create closing schedules and provide the borrower with final closing numbers for the transaction.

Teamwork Makes the Dream Work

From the moment an application is submitted until after closing, there are numerous people who have a part in providing homeownership. We are all working diligently to make the dream of homeownership a reality for our customers. To learn more about how we can help you, contact us today.