You’ve signed a contract on a home, and now you’re finally ready for the loan process – but who will work on your loan? One of the many sometimes confusing parts of the loan process is knowing who is involved. Rest assured, you’re in good hands. There are quite a few people you may hear from or hear about during this process, and we want you to be prepared.
It’s a team effort
The first and most important thing to know is that, behind the scenes, everyone is working as a team to get your loan to closing! While you may not explicitly hear of the process as it’s occurring, take peace in knowing that your loan officer, their assistant, processor, coordinator, and the underwriting team are working together on your home loan, and they are in regular contact with real estate agents and the title company affiliated with your home loan.
You won’t see much information about your real estate agent or title company in this blog, but rest assured, they are diligently working with your loan officer and their team to prepare your loan.
Loan officer
Your first point of contact when looking for a home loan is your loan officer. They will be your primary point of contact, and they are happy to answer all of your questions. They will guide you through the process and move your loan through all of the necessary processes to closing.
Loan processor
Your loan officer may be your primary point of contact during the loan process, but they are not the only person who may contact you! You may hear from a loan processor, who is responsible for taking your loan documents from one person to the other for approval and ensuring your loan is on the right timeline. Loan processors do a lot of behind-the-scenes work to get your loan where it needs to be on the right timeline. If a processor contacts you, they may be letting you know that your loan is on schedule or they may request anything that is missing from your loan.
Loan coordinator or assistant
Another person you may hear from while working through the loan process is a loan coordinator, or a loan officer assistant! Loan coordinators are a wealth of information and, working alongside the loan officer, they are happy to answer any of your questions. Loan coordinators work through many of the nitty gritty details of your loan.
Underwriter
Underwriters are often the mythical creatures you hear about, but you don’t always know what they do. At some point, your loan will go through underwriting, though you will not hear from an underwriter. During this time, your loan documents are being reviewed and it is being determined whether your loan will be fully approved so you can make the home purchase. If anything is needed during this time to further assist the underwriters, such as another document, you will hear from your loan officer or coordinator/assistant.
While there are special cases, these are the main players working on your home loan. Rest assured that each member of the team is there to get you to closing as quickly as possible. Never hesitate to reach out to your real estate agent or loan team to ask questions!
