Who You’ll Meet in the Loan Approval Process

Finding the right mortgage lender is almost as important as finding the right home. You can ask friends or your bank, or you can even interview different lenders to find the right one for you.

Once you’ve selected a lender, you’ll encounter different people in their organization who will help you along the way. Understanding the role that each person plays can make your homebuying experience smoother.

The Lender

Sometimes known as the Loan Originator, this person is your primary contact at the lending company. This is the person who collects all of your financial information and makes sure your application is ready for review. The Lender or Loan Originator helps by telling you what documentation you need and can answer questions about the interest rate of your loan, timelines and more.

The Loan Processor

This is the person who handles the processing of your loan. They gather all the “outside” information such as ordering an appraisal and a credit report. This person is a good source for the status of your loan application and can provide a timeline for when your loan will close. You can also contact them for an updated Loan Estimate Disclosure during the closing process.

The Underwriter

The Underwriter is the person who gives the final approval for your loan. They review all the documentation and are particularly interested in your credit report and credit score. If the Underwriter determines that the loan can be approved, they will work with your Loan Originator and Processor to let you know about any conditions that need to be fulfilled before the loan is ready to be signed.

To learn more about the homebuying process,
sign up for our free homebuyer class.