Who's Who in the Lending Industry - 8 Potential Key Players that
will work for you when buying or re
You Buying a home or Refinancing can be very confusing. There
are so many people involved in the process. Below is an
explanation of the key players involved in your transaction!
This should help you understand who is who!
1. Lender - A lender is the agenctyt that lends money for a home
purchase or refinance. Lenders can be banks, savings & loan
aasociations, credit unions, or even government agencies and
private individuals.
2. Mortgage Banker - A mortgage banker is a person or compnay
tyhat is contracted to originate, finance, close. sell and
service home loans on behalf of an institutional lender.
Mortgage Bankers and Lenders are synonymous.
3. Mortgage Broker - A mortgage broker is a middleman who
charges a fee to match up a homebuyer or owner to an appropriate
lender for their indivual needs.
4. Loan Processor - The loan processor is employed by the
lender, mortgage banker or mortgage broker. This person is in
charge of verifying employment, assets, and analyzing the
applicants infomation in order to qualify.
5. Escrow - The escrow company is a nuetral third party that is
incharge of executing the lender's instructions, incharge of
holding and dispursing funds from a realestate transaction or
refinance and reviewing the title report. They are a critical
part of the transaction.
6. Title - The title company is incharge of insuring the title
of the property from fraud for a fee. They provide the
preliminary title report and record any changes in title with
the local county recorder.
7. Real Estate Agent - The real estate agent is reposible to the
buyer of a home to show/list properties, coordinate the sales
transaction and communicate with escrow and title on the buyers
behalf.
8. Loan Signing Service - The loan signing service is typically
contracted by the escrow officer to coordinate the time and
location for the appointment to sign the loan documents. They
also provide a notary public who will supervise and notarize
loan documents.
Now you are more familiar with the key players involved with
your purchase or refinance transaction. This information should
help you sort out who is who and that there is much more
involved in this process than you though! Good luck with your
transaction!