Episode 025 1995 - 96 Season
| Concrete Block Retaining Wall | Home Security Checkup | Handy Hands | Internet Homepage | Replacing A Plug | Mateflex Flooring | The People Behind the Loan | |
To order a Video Tape, call 1-800-TO-BUILD and ask for Episode #025.
Michael Holigan: Today we're going to talk a little bit about the people in the loan process, what they do, why they're there and who they are.
First off, you meet with the loan officer. That's the person that takes your application. They find out if you qualify, if your numbers are going to work and how you're going to fit together a mortgage with the home that you want.
Next person in line is the processor. This is the over-work person. They assemble all the paperwork for the loan officer. They call you constantly at work and at home because you haven't turned it all in yet and you need to because they have to have it for the underwriter. They're going to prepare the documents and try to convince the underwriter that you qualify for the loan.
The next person is the appraiser. Now that person goes out and sees the value of the house and gives the mortgage company a good feeling that that home is worth the money they're going to loan on it, good person to have around. The underwriter is the person that makes all the decisions. You're never going to meet with the underwriter. You're never going to talk to 'em. There's no reason to call in for 'em. You can talk with the loan officer and the processor, but not the underwriter. You're numbers to them. The processors doing all the work assembling it, proving to them a case that you can qualify for the house. The underwriter then approves it if it meets all the guidelines.
Last person is the closer. They assemble all the closing documents and they get ready to place a lien on that house or a mortgage. They're the one who's going to bring it all together for that closing. Now they're all good people. They're all out there to help you. They all get paid because you get a loan on your house, so give 'em everything they need. They're there for your benefit.
| Concrete Block Retaining Wall | Home Security Checkup | Handy Hands | Internet Homepage | Replacing A Plug | Mateflex Flooring | The People Behind the Loan | |
To order a Video Tape, call 1-800-TO-BUILD and ask for Episode #025.