Top 4 Mortgage VIPs

You, the borrower, are the most important person in any loan that’s originated.  However, there are many people who help close and fund a loan.  Your lender has several very important people who directly work with loans. You will want to have a broad understanding of the key players, their role in completing your file, and what to expect with any interaction you may have with them

1. Loan Advisor – This is likely the first person you speak with when you inquire about a loan. This financial professional will take time to get to know you and your financial situation/goals.  They will customize options that will accomplish your present and future goals.  A Loan Advisor will be your point of contact throughout the entire process. They will secure and confirm all final loan terms. A professional Loan Advisor should maintain their license, be background checked annually, and fingerprinted.  You can verify the status of your Loan Advisor by using the NMLS Consumer Access website and inputting their NMLS number (listed in all email signatures) or simply by searching the mortgage company or Loan Advisor’s name. You should never work with a Loan Advisor who cannot be verified with the NMLS.

2. Underwriter – When your loan is submitted an Automated Underwriting System (AUS, aka DU or LP) will outline all the items that need to be verified (paper trail) to approve a loan’s terms, ratios, and conditions.  An actual Underwriter will be assigned and will issue an Approval with Conditions (AWC). This is a list of verified items (paper trail) that are needed to complete the file. They will review and approve all documents and issue the final approval. Most borrowers will never speak with their Underwriter.
3. Loan Processor – Details, details, details. A Loan Processor will gather all behind the scenes verifications and documents required to approve a loan. 80% of their work is completed without involving the client. They may reach out directly to our clients to obtain information. If asked to submit documents, make sure to read the instructions carefully.  Document(s) need to display the correct name and if there are numbered pages they all need to be included. A Loan Processor cannot discuss the terms of the loan, so forward any questions about rate, payment, or structure to your Loan Advisor.
4. Loan Closer – Once the final approval is issued, the Loan Closer will complete all final verifications. One of the last steps is to verbally verify that a borrower is employed and that no new accounts have been opened in their name.  It is very important that these two verifications come back favorable. So, do not quit your job and make sure your lender is aware of all new accounts opened or applied for through funding (could be up to 7 days depending on your state). The Loan Closer will also work with the title company to coordinate the loan closing, whether it will take place in your home or at the title company, you will be forwarded locations and contact information for the notary who will endorse your closing documents.

Speed of service and business relationships should be very important for borrowers.  Please remember, when working with a mortgage lending team that there is one goal… close a loan that makes the borrower happy! The documentation process can be frustrating so do not hesitate to reach out to your Loan Advisor or Processor with questions.  A good team will do everything possible to make the process as quick and easy as possible.