Real-Estate Transaction Personnel

1) A Mortgage Loan Originator- A Licensed individuals in a Real-estate mortgage transaction who assures a loan is being originated in compliance with the SAFE ACT, they're paid by the lending institution and do not collect any payment from the buyer for originating the loan, so the buyer and MLO must both work with one another in good faith, and with trust.

2) A Realtor- A person that is licensed by the state to handle the sale of real-estate, they are paid by the Sellers of the property that is being purchased and like an MLO, they aren't paid until it closes and recorded. Real-Estate agents also work in good faith and trust.

3) The Processor-A mortgage processor is an individual who plays a crucial role in the home buying process. They are responsible for gathering and organizing all the necessary documentation required by the lender for a successful settlement of the loan. A mortgage processor works closely with loan Originators, borrowers, and underwriters to ensure that all the financial and personal information provided is accurate and complete.

4) The Attorney-A closing attorney is a legal professional who specializes in real estate transactions. Their main role is to ensure that the closing process is legally and financially sound for all parties involved. Closing attorneys review all necessary documents, including contracts, titles, and loan agreements, to ensure accuracy and compliance with local and state laws. They also coordinate with lenders, real estate agents, and other parties to ensure a smooth and efficient closing process. Additionally, closing attorneys may be responsible for conducting title searches, resolving any title issues, and overseeing the transfer of funds and property ownership. Their expertise and attention to detail are crucial in avoiding any legal complications or disputes during the closing of a real estate transaction.

5) The under writer / Gate keeper, the Underwriter verifies various aspects of your loan application to issue final approval. It happens behind the scenes but involves your active participation. For example, the lender may request additional documents, such as proof of assets or explanations for flagged bank deposits explanation negative balances. The ultimate goal of the gate keeper is to help prevent you from closing on a mortgage you can't afford. The key areas for underwriters are.

Credit History: They examine your credit score, late payments, and bankruptcies.

Appraisal: An underwriter ensures the loan amount matches the home’s actual value.

Income and Employment: Proof of income and employment is verified.

Debt-to-Income Ratio (DTI): They compare your debts to your income to ensure affordability.

Down Payment and Savings: Underwriters check your bank accounts for down payment and financial stability.

* The first two professionals discussed will spend lots of time and use their own capital to earn your business, so before you stop taking their calls to work with an agent or MLO who's a friend of a friend. Remember the one who works the hardest to earn your business will work the hardest throughout the process. If he or she has shown all the characteristics you're looking for in a real-estate professional allow them to work for you from beginning to end.