Michael Holigan: Everyone knows who a loan officer is. It's the person on the front line who takes your application and shepherd's you through the often confusing mortgage process.
Susan Doane: I help create the American Dream of home ownership. I help find a product that's going to best fit the consumer's needs, so they're better set financially in the long run.
M.H.: The loan officer is one of several key players in a process that resembles an assembly line. The next stop is the loan processor. These people assemble all the information you provided. They call you at home or at work to ask you additional questions about your income, debt or credit.
Vanessa Woody: The files come to me. I review them. Make sure that everything's there. "I"'s are dotted, "T"'s are crossed and make sure that the guidelines are followed.
M.H.: Another person in the assembly line process is the appraiser. They physically inspect property. They want to know whether the house has any obvious problems that may require the expert opinion of an engineer or other professional. They also determine whether the contract price of the house is too high.
Kelly Spell: Value is determined by coming out an inspecting the property, inside and outside, and then comparing the house to those houses in the neighborhood that have sold.
M.H.: The information gathered by the appraiser and processor goes to the underwriter, who decides whether you get the loan. These are people you will never see, you will never talk to. Your only contact with them is through forms and documents. Their job is to evaluate your financial condition and determine whether you meet their guidelines.
Alan Bothwell: I view it as I'm here to help somebody get into a house if at all possible and if there's a will there's a way.
M.H.: The last person in the system is the closer. They assemble all the documents and make sure everything is ready for your signature. The process is almost like an assembly line. There are certain jobs that have to be done in a specific order. That means if there's a breakdown anywhere along the line, the whole loan can shut down. That's why it's so important to find a good, quality loan officer that can keep everything moving smoothly.
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Episode 44 1996 - 97 Season
| Infrared Test | Shower Head Cleaner | Outdoor Safety | Locking Up Valuables | Building with Rastra | The LumberJack | People in the Loan Process |