PEOPLE IN THE MORTGAGE PROCESS

Michael Holigan: When you get a mortgage many different professionals are helping to make it happen. Each one fulfills a very important step in the loan process.

Sue: Hey!

Dennis Lamons: Hi, Sue.

S: Good to see you.

DL: Nice to see you. Come on back.

MH: The first person you meet when you apply for a home loan is your loan officer.

DL: Go ahead and have a seat.

S: Oh, thank you.

DL: My basic function with the customer is to sit with them and analyze their personal situation and finances and match them to a program that they will qualify for at the best interest rate at the lowest amount of money that we can do for out-of-pocket.

MH: The next person working on your application is the loan processor.

Michelle Smith: Miss Ethan, hi. This is Michelle Smith at Capsource Mortgage.

MH: The processor gathers all the information you need to get your loan.

MS: I will contact the borrower and go over all the conditions with them as far as getting their credit report, bank statements, W-2's, tax returns, appraisal fee.

MH: That fee, about $350.00, pays for an appraiser to confirm the home you want is really worth its sales price. Back to your loan application - an underwriter makes the final decision you're waiting for.

Kathy Cole: I review the credit for the...to see if the borrower is a good credit risk. I review the property to make sure that it is an acceptable property and then putting the two together I decide whether the whole file is a good credit risk for our company to lend money on.

MH: Getting a mortgage can take anywhere from a couple of days to a couple of months. Sometimes the waiting can be hard, but once you move into your new house you're going to find out that it was well worth it.

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Purchase Video

Episode 60 1997 - 98 Season

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