Who does what and when? Mortgage Processor

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Mortgage and Lending with The mortgage help you want when you need it.

Congratulations! You have found a loan officer and have qualified for a mortgage loan. You have found the home you would like to purchase or have decided to refinance the home you already own.

What happens now?

Your loan officer gives your file to a mortgage processor. The mortgage processor takes all of the documentation and information that you have given to your loan officer and puts the file in ordered for underwriting. The mortgage processor will order the appraisal on the property, coordinate with the title/escrow company and compile any other documentation that may be needed for underwriting. They may need to contact your employer for a Verification of Employment or your landlord for a Verification of Rent. Don't be surprised if the mortgage processor contacts you directly if they need more current asset statements, further explanation of anything that you have already provided or anything else that might arise when they review your file. Once they have sufficient information, they will transfer your file to an underwriter.

Every mortgage company defines "sufficient information to underwrite" differently. Your loan officer or mortgage processor can let you know what their company requires. Many mortgage companies require the appraisal and preliminary title report to be included when your loan file goes to an underwriter.

Lets assume that you will need these items before an underwriter reviews your file.

Who will appraise the property and compile the preliminary title report?

**See my next posts for an explanation**

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Rainmaker
861,087
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Beth, Nice detail of events for the public, The only outside factor I like to have some control over as a buyers broker, is who is on the approved Title/Attorney list. You see many times a mortgage company will assign it to "someone doing business in the state where the property is located", but not with a closing agent that is convenient to both sides of the transaction. So the mortgage company can accept any title/attorney so long as they are on an approved list, and some are better for completion of mortgage and note signing than others.

Oct 20, 2008 01:34 PM #1
Rainer
45,032
Scott Geary
Infinity Home Mortgage Company Inc - Allentown, PA
Your Pennsylvania Mortgage Source

Ah, the Processor, perhaps the most thankless job in our industry, yet the Axel that spins the wheel. A good originator will make sure the client is aware of the processors importance in the transaction. However that doesn't happen as regularly as it should. A good processor is invaluable, while a weak one can cause chaos on virtually every transaction they touch!

Oct 20, 2008 03:20 PM #2
Rainer
20,050
Beth Forbes
The mortgage help you want when you need it. - Center Valley, PA
Your 24/7 loan officer

Steve- I completely agree. I always recommend in a purchase transaction that the buyer use one of the companies that their Realtor recommends. Things seem to go more smoothly that way.

Scott- Yup.

Oct 20, 2008 03:42 PM #3
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Rainer
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Beth Forbes

Your 24/7 loan officer
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