Most people are not aware of the number of people and amount of work involved between the moment someone decides to buy a home and the day the final contracts are signed! Our loan officers, processors, underwriters, loan partners, and other mortgage professionals work hard to make your home loan a reality, day in and day out. Take a look at what each of these roles do:
- Loan Officers: our experienced loan offers work hard evaluating credit worthiness by processing loan applications and documentation within specified limits, learning more about you to determine financial eligibility and feasibility of granting loans, and determining all applicable ratios and metrics and set up debt payment plans. In simple terms they help borrowers obtain a loan for their home. They work with home buyers or those looking to refinance their mortgage by reviewing potential loan options and helping them understand the rates and terms associated with each.
- Processors: a mortgage processor is responsible for assembling, administering, and processing your loan application paperwork before it gets approved by the loan underwriter. This position will support the Sales and Operations Staff by collecting necessary documents and managing the transaction to ensure the closing deadline is met.
- Underwriter: an underwriter is a financial expert who looks at your finances and assesses how much risk a lender will take on if they decide to give you a loan. More specifically, underwriters evaluate your credit history, assets, the size of the loan you request and how well they anticipate that you can pay back your loan.
- Loan partners: a mortgage loan partner is an experienced loan professional that works alongside the loan officer and assists with loan applications and pre-approvals before they are taken to the loan processor.
Other important roles at our company include:
- A Mortgage Loan Shipper, who delivers mortgage loan files and posts closing mortgage loan packages for distribution. A mortgage shipper is responsible for daily tracking and maintaining the accuracy of post-closing dates, reporting, and quality control review and reconciliation of each loan package.
- Post-Closers, who audit is carried out to determine if a loan is suitable for both the lender and the borrower. It involves underwriting evaluation, file document review, third-party re-verification, credit risk analysis, tax and insurance compliance etc.
- Mortgage Closers coordinate the closing schedule with the title company and provides them with a settlement document for review and approval. Once they have given the okay, the Mortgage Closer provides them with the complete closing package which the buyer will sign at the closing.
- Secondary Marketing Analysts in the pricing department administer all secondary market duties that aid in selling and purchasing loans, logs information related to loan sales and purchases.
These are only a few of the incredible departments at USA Mortgage. There are countless other pieces of the puzzle that help us turn the dreams of homeownership into a reality every day. To the entire DAS Family: thank you for your hard work!