The Mortgage Team and What They Do

Article Source - Anthony Sands pres@gstarhome.com

Since obtaining a mortgage is often the largest financial decision in your life it is important for you to know who is involved in your loan application process.

Loan Officer (Mortgage Broker) - This is the person who will meet with you to discuss your program options and recommend to you the best program to meet your needs.

The loan officer will then take your loan application and follow it through to the actual settlement or closing.

Processor - This is the person who will be working on your file to prepare it for submission to the underwriter for approval. The processor will usually order the appraisal and all of the other forms needed to verify your income and assets.

Underwriter - The underwriter is the person who will either approve your loan application or decline it if it does not meet the program guidelines.

The key to a smooth and successful transaction is working with a loan officer who knows the guidelines and knows how to package your loan application so the underwriter has no choice but to approve your application.

Loan Closer - The loan closer is the person who makes sure all of the paperwork necessary for the settlement or closing on your new home are in order. The closer will communicate with the title attorney to coordinate your settlement and make sure all of the documents you need to sign are correct and more importantly that the funds you are borrowing are at the settlement table on time.

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In the News (ElectronicAppraiser.com)

From OrlandoSentinel.com - July 8, 2007
http://www.orlandosentinel.com/features/consumer/orl-homebase0807jul08,0,7254094.story

On the Web

The majority of people who use the Web for real estate are using it to search home listings, according to Realestate.com. This redesigned site focuses on home listings and home-valuation tools. The site, which recently launched a home-listings engine featuring 46 major metropolitan markets, offers unlimited use of most services and does not require e-mail registration.

Here are a few of its features:

More than 2 million listings.

Cooperation with local multiple-listing services in each covered market.

Interactive mapping tools with aerial photos powered by Ask.com.

Home-valuation tools through a partnership with Electronic Appraiser.

Comparables of recently sold properties.

Neighborhood and school information.

A library of editorial and educational content for buyers and sellers.

Compiled and written by Martha Phifer. She can be reached at 407-420-5259 or mphifer@orlandosentinel.com.

Please visit Electronic Appraiser - www.electronicappraiser.com - for more information.