When you first call your loan officer to talk about getting a home loan here in Alpharetta, it’s essentially a casual conversation that takes maybe about 15 minutes or so to get an idea on what your monthly payments will be, how much you’d like to borrow and information about your employment and income. After you receive your preapproval letter you’ll probably have a few more questions as you begin the home shopping experience. At some point however, you do find a home you want to buy and you make an offer. You’ve provided all your documentation and necessary paperwork to get your loan approved. But then it gets sort of quiet on your end. But at the mortgage company, the wheels are turning.
You’ll get to know your loan processor pretty well. That person is the one that prepares your loan for a final approval. This means gathering any missing paperwork, opening up escrow and ordering needed third party services. The loan processor will be your single point of contact after your loan package is submitted. You’ll still be talking with your loan officer but it’s the processor that puts your loan file together. Once completed, the file is sent to the underwriter.
The underwriter is the individual that makes sure the loan file contains all needed documentation for your selected loan program. Before your loan papers are ordered and delivered to your settlement agent, it’s the underwriter that goes down the checklist making sure everything is in order and satisfies loan program guidelines. Once this determination is made, loan papers are delivered electronically to your settlement agent.
The settlement agent, or closer, is an independent third party who is assigned to make sure you’ve signed all the documents properly and provided the needed funds for your down payment and closing costs. It’s the mortgage company that sends specific instructions to your closer. Once completed, the package is delivered right back to the mortgage company.
The mortgage company has an individual that makes sure the closer followed the lender’s instructions exactly. Once that decision has been made, the lender then releases the funds needed for the home loan.
There are several other support staff positions that work inside the mortgage company, but these are the ones you’ll interact with the most.